Ex-Letshego Executives Rake in Millions
The gravy train keeps getting more lubricious
For the 2019 full year, three executives at Letshego Holdings Limited pocketed over P7.7 million in remuneration, information contained in the annual report shows.
During the 2019 reporting period, the best paid executive at the premier micro-finance company was Dumisani Ndebele, who was the Acting CEO at the time. Ndebele was appointed as Acting Group CEO on 27 March 2019. From March to December 2019, he was paid a cool P3 626 795, which translates into a monthly income of P402 977 every month.
Ndebele was appointed Letshego Acting Group CEO immediately after the abrupt resignation of his predecessor, Smit Crouse, whose stay at the helm of Letshego was short-lived. Crouse was appointed Group CEO on a long term contract on 24 September 2018 but was only able to serve until the end of March 2019 when he tendered his unexpected resignation.
However, for the few months that he was in his position at the helm of Letshego, Crouse was paid just over P2 322 075. He received P983 005 as salary and a further P1 339 070 as net settlement upon his departure.
Crouse resigned on 27 March 2019.
Colm Patterson resigned from his position of Group Chief Finance Officer (CFO) on 2 March 2019 and served his contractual three months notice period to 4 June 2019. By the end of 2019, Patterson was paid P385 302 as a salary plus a net settlement of P1 380 681. His total pay in 2019 was P1 765 983. The net settlement represents payments in accordance with his contract of employment plus his bonus assessed based upon his performance.
In terms of the Long-Term Incentive Scheme no ordinary shares vested to executive directors, which related to the 31 December 2019 financial year-end.
All these executives have since resigned from Letshego. The board of directors has appointed Andrew Okai as Group CEO. Letshego made over P600million in profit in 2019.