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Johannesburg - Local telecoms veteran and former Vodacom CEO Alan Knott-Craig took home total pay of just over R46m from Cell C during his two year tenure at the company.
This is revealed in Cell C’s financial results that were made public for the first time ever on Tuesday by JSE listed Blue Label Telecoms, which is buying 45% of Cell C for R5.5bn.
Knott-Craig joined Cell C in April 2012 but he left the company in May 2014 after suffering a stroke.
Figures from the network’s full financial results indicate that Knott-Craig earned total pay of R17.3m in 2013 and R29.2m in 2014, meaning he earned R46.5m over the two years.
The figures further indicate that in 2013 he earned a salary of R8m, a bonus of R4.5m and a performance incentive of R4.8m.
In 2014, Knott-Craig earned a salary of R9.2m and a bonus of R20m.
Knott-Craig’s pay, even in 2014, is still higher than that earned by top executives at Vodacom and Telkom in 2016.
Excluding long-term benefits, Vodacom CEO Shameel Joosub’s total pay for the 2016 financial year was R21.8m, according to the company’s integrated report.
Meanwhile, Telkom’s latest integrated report for 2016 reveals that Maseko's total remuneration has jumped from R12.3m in 2015 to R14.5m for the year ended March 2016.
Cell C’s results
In the circular published by Blue Label to shareholders, it was revealed that Cell C posted a profit of just R2.8m for the six months ended June 30 2016. This compares to a loss of almost R1.2bn for the period ended June 30 2015.
The financial statements reveal that Cell C recorded revenues of almost R7bn for the half-year period ended June 30 2016, compared to just over R6bn for the previous comparable interim period.
