Johannesburg - Mobile network MTN [JSE:MTN] has awarded the new CEO for its South African unit millions of rands in shares as part of its performance plan.
In a market update to shareholders, MTN said it awarded 66 500 shares at a market price of R120.22 each to Godfrey Motsa, who is set to take over from Mteto Nyati.
This means the total value of shares awarded to Motsa amounts to R7 994 630.00.
Earlier this week, it emerged that Mteto Nyati would be stepping down as CEO of MTN SA with effect from March 13 2017 and that he would be replaced by Motsa. Nyati has joined technology group Altron as its new CEO.
Motsa is currently the vice president of the South and East Africa region at MTN Group.
Motsa has over 10 years of experience in the telecoms industry, as he has held positions such as Vodacom Lesotho CEO, Vodacom DRC CEO and Chief Officer Consumer Business Unit at Vodacom SA.