Vodacom Group CEO Shameel Joosub is cashing in—literally. The telecoms executive earned a total remuneration package of R71.1 million for the financial year ending 31 March 2025, marking a 15.2% year-on-year increase fuelled by hefty performance bonuses, long-term incentives, and dividends.
The jaw-dropping compensation was revealed in Vodacom’s annual financial report, published Friday, which breaks down the CEO’s pay into various components including a guaranteed salary, share incentives, and dividend payouts.
What Makes Up the R71.1 Million?
- Guaranteed pay: R18.4 million
- Conditional share plan (Vodacom): R20.7 million
- Vodafone share awards: R4.4 million
- Dividends and other share units (Siyanda): R253,000
- Short-term and long-term incentives make up the rest
Vodacom noted that the total package is pre-tax, and after applying an estimated 45% tax rate, Joosub’s take-home amount is around R39.1 million.
“The CEO’s LTI (long-term incentive) awards remain very competitive, noting that his current award eligibility reflects his substantial co-investment in Vodacom shares since his appointment as CEO,” the group stated in its report.
Joosub’s shareholding exceeds the required 300% threshold, underlining his vested interest in the company’s success.
CFO Not Far Behind
Vodacom’s Chief Financial Officer, Raisibe Morathi, also earned handsomely, taking home R31.4 million for the year.
Her remuneration included:
- R11.3 million in guaranteed pay
- R8.9 million in short-term incentives
- R9.4 million in long-term incentives
- R1.5 million in dividends
- R248,000 from vested Siyanda units
Market Reaction and Public Debate
While Vodacom’s top brass are enjoying lucrative payouts, public sentiment is split. Some see the rewards as fair compensation for leadership that has kept Vodacom competitive in a tough economic environment. Others argue that executive pay packages of this scale highlight a growing disconnect between corporate leadership and ordinary South Africans battling load shedding, unemployment, and rising living costs.
Joosub’s payout comes amid increased scrutiny on corporate governance and wage gaps, especially in the telecom sector, which has seen a boom in demand but rising complaints over service quality and pricing.
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“South African CEOs seem to be doing just fine—even when the economy isn’t,” one analyst noted. “The optics of a R71 million salary package may not land well with the average customer struggling to buy data.”
Looking Ahead
Despite the massive payouts, Vodacom’s report maintains that the incentive structures are aligned with shareholder value creation and long-term performance metrics. The company also emphasised the importance of co-investment, with Joosub’s substantial shareholding framed as a sign of commitment rather than excess.
Still, in a country grappling with inequality and affordability challenges, Vodacom’s executive pay disclosures are likely to remain a talking point—especially for users watching every rand spent on airtime.
