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Naspers increases CEO's pay to R24m

Johannesburg - Naspers increased the compensation of its chief executive officer Bob van Dijk by 5% as the company prepares to further boost its international internet business in the face of falling pay TV customers in Sub-Saharan Africa.

Van Dijk was paid $1.67m (R23.9m) in the year through March, which included a $568 000 (R8.1m) bonus, compared with $1.59m a year earlier, the Cape Town-based company said in its annual report, released on Friday.

Chief Investment Officer Mark Sorour, who is responsible for mergers and acquisitions and asset sales, earned $2.08m (R29.7m), compared with $2.09m a year earlier, it said.

Naspers, Africa’s biggest company by market value, said on June 25 that fiscal full-year adjusted net income - its main measure of profit - rose 21% to $1.2 billion.

The company has transformed itself from a South African newspaper publisher into a continent-wide multi-media provider and backer of emerging-market internet businesses.

Koos Bekker, who stepped down as CEO in 2014 and took on the role of chairman, earned $500 000 (R7.15m) in fees for the year. His indirect shareholding in the company’s N-shares remained unchanged at 4.69 million shares.

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