Calvo Mawela, Multichoice CEO, Gets 125% Pay Rise To US$1.6 Million
Multichoice Group's latest annual report for the financial year-end to March 2020 has shown that its Chief Executive Officer, Mr Calvo Mawela, was paid a total sum of US$1.59 million (as a total remunerative package) representing more than 125 per cent increase from the last time.
Multichoice said it is paying its Chief Executive in US Dollars because his employment contract basis is now in Dubai, UAE as a result of the fact that he is now not just looking after the South African business, but those of the rest of Africa as well. A Multichoice statement said that "Being based in Dubai enables Calvo to be closer to the MultiChoice Africa management team with the focus on returning the rest of Africa business to profitability,"
Also, it is reported that the Chairman of Multichoice Group, Mr Imtiaz Patel, was paid a remuneration package totalling US$1.55 million, which is also an increase of about 6.16 per cent from last time.
Multichoice has defended this astonishing increases in remuneration saying: "it is critically important that we adopt principles that allow us to attract and proactively retain our top talent and given the growth potential for our business, we also need to ensure our reward practices are aligned with the delivery of desired results and value creation over time."
Credit: contribution from TV With Thinus