Today's Labour News

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MultiChoiceBusinessTech reports that Imtiaz Patel, former Multichoice CEO and the group’s current chair and executive director, will be taking home over R22 million in the 2019 financial year.  Other executives will also be raking in millions.  

This was revealed in the video entertainment group’s pre-listing statement, with the company preparing to go public in February 2019.  According to the statement, the group’s 10 directors will get paid out a total of R55.3 million in 2019, up from R44 million in 2018, with the addition of two new names on the list.  Patel will earn R22.15 million in the year ending March 2019, up from R19.7 million the year before.  This includes a basic salary of R7.6 million and a bonus of the same amount, on top of R4.5 million in other benefits.  The second-highest paid executive at the group is non-executive director Elias Masilela, who will take home R8.5 million, down from R9.3 million the year before.  Multichoice’s new CEO, Calvo Mawela, will get a pay cut, taking home R7.7 million under the company’s new public structure.  This is just below the group’s CFO, Nolo Letele, who will receive R7.9 million.

  • Read the full original of this report, which includes a table of what the top executives will earn, at BusinessTech

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