Salary of MultiChoice’s CEO Calvo Mawela REVEALED
Despite a drop in DSTV premium subscribers, MultiChoice’s CEO Calvo Mawela is laughing all the way to the bank – here’ show much he earns.
DSTV may be seeing a decline in its premium subscribers, but you best believe that its executives, especially the man at the helm, are still receiving some pretty generous pay packages. Calvo Mawela, who is MultiChoice Group CEO reports his remuneration from the company in US dollars – and doesn’t even live in South Africa.
ALSO READ: Multichoice to shed as many as 2,000 customer service jobs
HOW MUCH DID CALVO MAWELA EARN?
Calvo Mawela received a total pay package of a whopping $2.62 million (that’s close to R47 million) as of the end of March 2023.
Mawela reportedly resides in Dubai, which is why his earnings are reported in US dollars.
Here is a breakdown of his pay package: basic salary of $682 000 (R12.1 million), $82 000 pension (R1.5 million), $209 000 in benefits (R3.7 million) and $1.65 million in incentives (R29.4 million).
MULTICHOICE REPORTS MASSIVE LOSSES
MultiChoice reported a loss of a nearly R3 billion, as per its recent most recent financial results. It also reported 9.3 million 90-day active subscribers in South Africa, which is an increase of 3% from last year.
MultiChoice has said that subscribers in the middle marked are under immense economic pressure and noted factors like the high unemployment rate, consumer indebtedness and load shedding.
It said high stages of load shedding, interest rate hikes and elevated inflation levels have left a large portion of the group’s customer base unable to watch or afford video entertainment services.
“Although SA 90-day subscribers grew by 0.3 million YoY, lower levels of activity, represented by active days, were experienced, which resulted in a 2% decline in SA revenue,” the company said.