Telkom CEO takes home millions

Mergers, Acquisitions and Financial Results

Telkom executives took home millions over the last financial year, with large bonuses and benefits

Telkom has been struggling over the last year or two, but that does not mean that the company’s executives are not banking large salaries.

According to the latest annual report Telkom CEO Reuben September and CFO Peter Nelson shared a total of R17,721,479 over the last financial year.

September earned a basic salary R3,555,800, a performance bonus of R2,325,493 and benefits of R4,025,455, bringing his total emoluments to R9,906,478.

Nelson in turn earned a basic salary of R2,925,335, a performance bonus of R 1,747,846 and benefits of R 3,141,550 , bringing his total emoluments to R 7,814,731.

Telkom’s non-executive directors also did not do too badly over the last year.  The twelve listed directors shared a total of R5,206,478 between them for their services as Telkom board members.

Telkom announced in July that Nelson had resigned as director and Chief Financial Officer with effect from 9 October 2010.  Nelson follows September who left the company in early July.