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RALPH Mupita has scaled the corporate world’s Mt Everest and, as the continent showers him with accolades for his distinguished leadership, he hasn’t forgotten where he came from.
He wants his success to inspire the boys growing up in Mutare, where he grew up, and for them to use his rise as a symbol of inspiration in the pursuit of their dreams.
Mupita is the president and CEO of MTN, Africa’s largest cellular services company.
He has been at the helm of the company since September 2020.
On Saturday, he was honoured as Africa’s top CEO. “My second name is Tendai, which means l was born grateful,” said Mupita.
“l was born in the small city of Mutare, which means l was born curious.
“I dedicate this award to all the curious young boys out there, especially the small boys in Mutare.”
Mupita is one of the highest paid business leaders on the continent.
This year, the MTN Group revealed that it paid him R70.64 million during the 2023 financial year—R5.1 million less than the R75.8 million he was awarded the previous year.
The MTN Group president and CEO’s pay package mainly comprised a basic salary of R17.63 million, short-term incentives (R13.97 million), and awarded long-term incentives (R36.92 million), among other things.
In its financial results ending 31 December 2023, the Group noted that, despite MTN’s increasing revenue and customer base, its earnings and profits dropped significantly due to the massive devaluation of the Nigerian currency.
“The sharp devaluation of the Naira during the period impacted our reported results for MTN Nigeria and MTN Group,” said Mupita.
“However, the MTN group sustained a resilient performance in 2023, with solid underlying operating momentum and pleasing progress in our key strategic initiatives during a period characterised by geopolitical and macroeconomic headwinds.”
The company said:
“This progress in key strategic initiatives was highlighted in the year’s Company (CP) and team performance (TP) outcomes.
“The overall average achievement of company performance against the target was 94%.
“Based on the independent assessment of overall company performance against targets by EY, the Board declared a short-term incentive payment is in accordance with the approved rules.”
It is worth noting that Mupita’s contract is split between MTN Dubai Limited and MTN Group Management Services South Africa, and he receives remuneration in US dollars and South African rand. According to MTN’s integrated report, the fixed remuneration was converted from dollars to rands at R17.66 to the dollar, while bonuses were converted at R19.01 to the dollar.
Compared to the previous financial years, Mupita’s remuneration in 2023 was significantly less than the R75.8 million he received in 2022 and the R84 million he received in 2021.
“Ralph and his team delivered resilient performance in specific areas in a very challenging macro environment.
They achieved solid YoY momentum in key operational and financial KPIs, although some were short of the 100% target.
“The KPIs that exceeded the internal targets were delivery in the ESG targets, employee engagement and diversity, brand health and the management of the risk and regulatory environment,” the Group added. — H-Metro Reporter/Agencies.
Mathew Masinge
Online Reporter