Vodacom CEO Shameel Joosub Made R64 Million Last Year, SA Slams the Company

• Vodacom's CEO Shameel Joosub walked away with over R60 million in earnings in the 2023 financial year
• He earned R3 million less than the previous financial year, meaning he earned 4.7% less than before
• South Africans criticised Vodacom, accusing it of poor service and refusing to pay Please-Call-Me inventor Nkosana Makate what was due him

Tebogo Mokwena, a Briefly News journalist with nine years of experience, offered valuable insights into South Africa’s business environment during his three years at Vutivi Business News.

JOHANNESBURG – The CEO of Vodacom bagged R64 million in earnings in the 2023 financial year. This is slightly less than the money he made previously, but South Africans are uninterested. They roasted him and the company he works for.

Vodacom CEO makes millions

According to IOL, Shameel Joosub made R64.3 million in 2023. This was lower than the R67.5 million he made in 2022. Joosub has been with the company since 1994 and was appointed CEO in 2012. Vodacom itself made a cool R38.9 billion in the final 2023 quarter. It saw a revenue increase of 26.8%.

Netizens swipe at Vodacom and CEO

South Africans on Facebook were angry that the CEO made so much money. Many referred to the Please-Call-Me saga between Vodacom and Nkosana Makate, to whom the company owed billions for his invention.

Theo-Dixie Silaule said:

"These people think they are clever. They can afford expensive lawyers and millions for their CEO but can't pay Makate the money he deserves. I don't regret leaving Vodcom for Telkom."

Tshepo Qhamakoane said:

"This means they are eligible and can afford to pay Makate his royalties for his Please-Call-Me invention."

Gayle Theunissen said:

"This is a ridiculous salary for one person. I am thinking about the shop floor employees or call centre operators and how low they are paid. It's disgraceful!"

Francois DeWet asked:

"What does someone do with R5.3 million per month? I understand CEOs earn tons of money, but this is excessive!"

Liz Rudy said:

"That salary is vulgar. I'm sick of these CEOs earning fortunes while most of their staff is struggling to put food on the table."

Court orders Vodacom to make another offer to Nkosana Makate

In a related article, Briefly News reported that the Supreme Court of Appeals ordered Vodacom to make Nkosana Makate another offer.

Makate rejected the company's initial R47 million offer and flatly turned it down. The court ruled that the company should return to the drawing board and offer him a better amount.

Source: Briefly News