Former MTN CEO Rob Shuter received R74m in 8 months

10 Mar 2021

MyBroadband reports that MTN's latest financial results reveal Rob Shuter received a total of R74m in salary remuneration for his last eight months as the CEO of the company. The salary package included a basic salary of R18m, post-employment benefits of R1.9m, bonuses of R30m, share gains of R5m, and other benefits of R17.8m.

Rob Shrute | image source: MyBroadband

Former group chief financial officer Ralph Mupita, who succeeded Shuter as CEO on 1 September 2020, earned R12min basic salary - 2019: R9.2m, according to a report by TechCentral. He received bonuses totalling R17.7m and, with retirement and other benefits, he took home R30.8m in the 2020 financial year.

MTN Group reported a strong set of operational & financial results for 2020. We also announced our re-positioned strategy – Ambition 2025 – to accelerate growth & unlock the value of its infrastructure assets & platforms. #MTNResults2020

Read more below. https://t.co/jFzYZUvtsE
— MTN Group (@MTNGroup) March 10, 2021

Shuter was appointed MTN's group president and CEO in April 2017. He was CEO of the European Cluster at Vodafone Group prior to this. Shuter has held senior management roles at Vodacom, Standard Bank, and Nedbank before joining the Vodafone Group.

MTN announced in March 2020 that Shuter will step down from his position at the end of his fixed four-year contract in March 2021. He, however, left MTN at the end of August 2020 after Ralph Mupita was appointed as president and CEO.

Other financial results

The company reportedly gained 29 million subscribers in the year, to reach a total of 280 million users across 21 markets. Group service revenue also grew by 11.9% across all markets. South African service revenue growth was more muted, increasing by 1.6% over the period.

MTN reported a 52% increase in adjusted headline earnings per share, a four percentage point increase in return on equity to 17%, and it more than doubled operating cashflow to R28.3bn.