South African executive Shameel Joosub – the CEO and Executive Director at Vodacom Group — received a compensation package of R64.34 million ($3.40 million), from the South African mobile communications company, at the end of its 2023 financial year.
Joosub, who has been at the helm of Vodacom Group since Sept. 2012, saw a notable 4.7-percent decline in his 2023 compensation package compared to the R67.51 million ($3.57 million) he received in the previous fiscal year.
His compensation package includes a R16.64 million ($0.88 million) base salary, accompanied by a short-term incentive of R14.03 million ($0.74 million). Additionally, he received a long-term incentive of R26.19 million ($1.38 million), underscoring the exceptional performance of the mobile communications group throughout the year.
Joosub: A titan in African telecom, steering Vodacom’s growth across 32 nations
Founded in 1994, Vodacom Group caters to more than 130 million customers across Africa, with a presence in several countries, including Tanzania, the Democratic Republic of the Congo, Mozambique, and Lesotho.
The prominent communications company has extended its business services to over 32 African nations. Joosub, who has been with Vodacom since 1994, brings over 22 years of telecom expertise, having held key positions like Managing Director at Vodacom South Africa.
Apart from his role at Vodacom Group, Joosub holds board positions in various group companies, including Vodafone Egypt, Safaricom, and subsidiaries. Additionally, he serves on the board of Business Leadership South Africa and joined the Vodafone Group executive committee in April 2020, where he oversees all Africa operations.
Vodacom’s revenue skyrockets 16 percent under Joosub’s leadership
Under Joosub’s leadership, Vodacom Group saw significant growth, with total assets surging by 28.3 percent from R177.97 billion ($9.43 billion) in 2022 to R228.32 billion ($12.09 billion) in 2023. The company also achieved a notable 16-percent increase in revenue, rising from R102.74 billion ($5.44 billion) to R119.17 billion ($6.31 billion) by the end of 2023.
In addition to his executive and governance roles, Joosub holds a 0.09-percent stake in Vodacom, owning 1,903,475 shares valued at R204.1 million ($10.8 million), aligning his interests with the company’s ongoing success. Joosub’s commitment to Vodacom’s success is evident in both his strategic leadership and his financial investment in the company.
