Zimbabwe’s Ralph Mupita Named Africa’s CEO of the Year, Earns R70 Million Pay
Zimbabwe-born Ralph Mupita, the president and CEO of MTN Group, has earned a staggering R70.6 million in the 2023 financial year. His exceptional leadership and performance have also earned him the prestigious title of CEO of the Year at the Africa CEO Forum in Kigali, Rwanda. This recognition, along with his substantial earnings, underscores the incredible performance of Africa’s largest mobile network operator under Mupita’s leadership.
Recognized for Excellence
The CEO of the Year award, organised in partnership with the International Finance Corporation (IFC), brought together over 2,000 African private sector leaders and international investors to celebrate excellence in leadership.
“Ralph Mupita has truly set the bar high, showcasing exceptional leadership and strategic vision,” praised the Africa CEO Forum.
Breaking Down the Pay Package
Mupita’s substantial earnings for 2023 include a basic salary of R17.63 million, short-term incentives of R13.97 million, and long-term incentives amounting to R36.92 million.
Despite earning close to R5 million less than the previous year, his 2023 remuneration reflects his resilient performance amidst inflation and volatile local currencies.
“Ralph Mupita and his team delivered a resilient performance in a challenging macro environment,” stated MTN, highlighting the company’s year-on-year momentum in key operational and financial key performance indicators (KPIs).
Strategic Milestones
Since taking the helm in September 2020, Mupita has steered MTN through various strategic initiatives. Under his leadership, MTN has made significant strides in separating its fintech business and attracting minority investments.
“They achieved solid year-on-year momentum in key KPIs, although some fell short of the 100% target,” MTN reported. “The team made progress on strategic initiatives, including the structural separation of the fintech business.”
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MTN’s Broader Performance
MTN’s report also highlighted the earnings of other executives, including MTN South Africa CEO Charles Molapisi, who was paid R33 million. Molapisi’s team excelled in subscriber growth but faced challenges in fintech subscriber targets and adjusted HEPS.
“Charles and his team achieved above-target outcomes for overall network performance and reduced carbon emissions,” MTN noted.
A Bright Future Ahead
As the Zimbabwe-born CEO continues to lead MTN through turbulent economic landscapes, his recognition and remuneration reflect the company’s confidence in his strategic vision and operational excellence. The telecommunications giant remains poised for future growth, with Mupita’s leadership at the forefront of its journey.
“Ralph Mupita has exemplified outstanding leadership, setting a benchmark for CEOs across the continent,” remarked MTN’s board chairman, Mcebisi Jonas.
With a bright future ahead, MTN’s performance under Mupita’s guidance is a testament to the power of visionary leadership in navigating complex business environments.