Vodacom CEO Shameel Joosub sells over 165,000 shares amidst a decline in salary.
Image: Simphiwe Mbokazi/Independent Newspapers
It will be a great 2025 for Vodacom’s Chief Executive Officer (CEO), Shameel Joosub as the CEO sold more than 165,000 shares of the telecommunication company valued at around R20 million.
Vodacom announced that Joosub had sold 165,809 shares of the company's ordinary shares in two major transactions.
He sold 67,500 shares for an average price of R120.24 per share on February 11, 2025, and made just over R8 million.
Joosub sold 98,309 shares the next day for an average price of R120.88 per share and made over R11 million.
He did not provide a reason for the sale of his shares.
For the 2024 financial year, Joosub received a pay package of R61 million.
This was 4% less than the salary he received in 2023 which came to around R64 million.
The Vodacom CEO has slowly but surely seen his salary diminish over the years as his 2022 salary showed he made R67.5 million before tax.
In early February, Vodacom noted that it was forecasting a stronger performance in the second half of the 2024 financial year.
This was after group revenue grew 1.6% to R39.5 billion for the quarter ending December 2024, and this was up from R38.9 billion during the same period a year ago.
Group service revenue growth accelerated to 11.6% on a normalised basis, above its medium-term target, Vodacom said.
Vodacom said South Africa's service revenue growth improved to 3.2% supported by prepaid sales while Egypt grew service revenue by 44.3% in local currency, with Egypt's financial services revenue up.
The improved Vodacom South Africa performance was underpinned by a variety of factors including successful seasonal campaigns, improved consumer environment in the prepaid segment and a 40.6% increase in data traffic.
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