South African executive Tim Jacobs, the chief financial officer (CFO) of Multichoice Group Limited — Africa’s leading entertainment platform — received a compensation package totaling R25.47 million ($1.34 million) at the end of the group’s 2023 fiscal year.
The compensation package marks a notable 27.8-percent increase compared to the R19.92 million ($1.05 million) remuneration he received in the previous fiscal year. This underscores his role in leading the South African entertainment conglomerate.
Jacobs’ compensation comprises a base salary of R7.83 million ($0.41 million), a performance-based short-term incentive of R5.34 million ($0.28 million), and long-term incentives totaling R11 million ($0.58 million), reflecting his contributions to Multichoice’s financial accomplishments in recent times.
MultiChoice: Shaping African entertainment, guided by Jacobs’ financial acumen
MultiChoice, Africa’s leading entertainment platform, entertains and enriches lives with diverse offerings like DStv, GOtv, Showmax, M-Net, SuperSport, Irdeto, and KingMakers. Serving 23.5 million households across 50 sub-Saharan African markets, it sets the standard for entertainment excellence.
Jacobs has a notable career history, previously leading a MultiChoice subsidiary and playing a key role in steering Naspers’ video and entertainment segment. His experience spans various sectors, including serving as CFO for Altron Group, Nampak Limited, and Transaction Capital Limited.
Ownership and leadership: Jacobs’ dual role in Multichoice’s success
Under Jacobs’s leadership, Multichoice saw significant growth. In 2023, the company’s revenue increased by 7.26 percent to R59.10 billion ($3.12 billion) from R55.1 billion ($2.91 billion) in the previous year. At the same time, assets rose by 11 percent from R42.9 billion ($2.26 billion) in 2022 to R47.6 billion ($2.51 billion) in 2023.
Apart from his executive role, Jacobs owns a 0.007-percent stake in Multichoice, equivalent to 31,431 shares valued at R3.3 million ($0.17 million), demonstrating his vested interest in the company’s ongoing success.