Vodacom doubles its CEO's pay to R22m

Johannesburg - Mobile network Vodacom has hiked the pay of its chief executive officer Shameel Joosub by almost double for the financial year ended March 2016.

Vodacom released its 2016 integrated report on Friday which reveals that Joosub’s guaranteed package was increased from R7.2m in 2015 to R7.8m for the financial year ended March 2016.

READ: How much Vodacom bosses get paid

Moreover, Joosub’s short-term incentive, or bonus pay, was hiked from R3.7m in 2015 to almost R14m for the year ended March 2016.

Excluding long-term benefits, Joosub’s total pay for the company’s 2016 fianancial year was R21.8m, according to the integrated report.

Last year, Joosub took home R10.9m in total pay from Vodacom.

The hike in Joosub’s pay comes amid a solid financial performance from Vodacom.

Earlier this year, the company reported that its total revenue across its African and South African operations increased from R74.5bn to R80bn for the financial year.

The group also reported that its headline earnings per share (HEPS) was up 2.7% to 883 cents per share.

A 2016 remuneration table for Vodacom's executive directors. (Fin24)