Cell C boss cashes in

CEO: ANOTHER 99% OF SALARY AS BONUS »» Also holds R35m in Blu Label shares, presumably as a sign-on bonus.

- Hilton Tarrant

Cell C CEO Jorge Mendes was paid bonuses and retention payments equal to 99% of his R14.8 million salary in the year to 31 May. This means he received total remuneration of R29.4 million in the year, more than double the R14.5 million he was paid in full-year 2024.

This disclosure comes ahead of the listing of the mobile operator on 27 November.

Presumably, these bonuses were due to Cell C achieving its turnaround, with revenue up 6% between end-May 2024 and end-May 2025 (to R12 billion).

Although Ebitda (earnings before interest, tax, depreciation and amortisation) was flat, Ebit improved by 5%, while profit before tax increased from R9 million to R280 million.

Perspective

Mendes’ R29 million salary compares very favourably with other mobile operators in the market, despite Cell C being the smallest.