New MTN CEO Receives R8m in Shares

MTN has awarded incoming MTN South Africa CEO Godfrey Motsa almost R8 million in shares.

The shares are part of MTN's performance share plan and will only vest in June 2019.

MTN SA this week announced that current CEO Mteto Nyati would leave the group and be replaced on 13 March by Motsa, who is currently VP of the South and East Africa (SEA) region at the MTN group. Nyati is taking up the role of Altron CEO sometime before 1 July.

Motsa's 66 500 MTN shares, which are subject to performance conditions, were bought on 9 March for a market price of R120.22, totalling R7 994 630 and vesting on 28 June 2019.

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