for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up
Financials

Boss of S.Africa's Vodacom takes pay cut for 3 months for coronavirus relief

JOHANNESBURG, April 12 (Reuters) - The boss of South Africa’s Vodacom will donate a third of his salary for the next three months to a support fund set up in response to the coronavirus outbreak, the company said on Sunday.

Shameel Joosub joins the heads of other major companies, including lenders FirstRand and Nedbank, in heeding calls from President Cyril Ramaphosa for others to follow the government’s lead.

Ramaphosa earlier said top officials’ salaries would be cut by the same amount for the same period.

Joosub received 11.5 million rand ($630,000) in base pay and benefits in 2019, according to the company’s annual report.

Another South African lender, Standard Bank, said on Saturday a mechanism would be set up to allow its leaders and executives to make voluntary donations to the fund.

$1 = 18.1978 rand Reporting by Emma Rumney; editing by John Stonestreet

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up