Chief executives of the largest technology firms listed on the Johannesburg Stock Exchange (JSE) notched up a collective payday of R1.38 billion (roughly US$81.5 million) in 2025, a new analysis shows.
The payout reflects base pay, short-term bonuses, and benefits already earned, though it excludes long-term incentives (LTIs), which vest over time and depend on performance conditions.
Analysts say the figure is a barometer of corporate recovery among top JSE tech listings, helped by a rebound in profits and renewed investor confidence in firms such as Naspers/Prosus, Karooooo, Datatec and Bytes Technology Group.
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Who Took What
At the top of the list was the CEO of Naspers/Prosus, Fabrício Bloisi, who received US$637,500 (≈ R10.8 million) in cash pay for the year to March.
While that may seem modest, it masks a far larger trove of long-term incentives granted but not yet paid. These LTIs, valued at about US$54 million (≈ R914 million), underscore the company’s improved performance after a tough prior year.
Thanks to improved operating profit and a boost from its international arm (Prosus), Naspers swung from losses in 2024 to a net profit of US$5.24 billion (≈ R88 billion) in 2025 — a big turnaround that underpins the executive rewards.
Meanwhile, Zak Calisto — founder and CEO of Karooooo (and its parent Cartrack) — posted the highest headline cash event, after selling 1.5 million Karooooo shares in June at US$50 apiece. That generated roughly R1.27 billion (≈ US$75 million) from the sale alone, while dividends and other gains push estimates to a total of around R1.64 billion (≈ US$97 million).
Other noteworthy executive payouts:
- At Datatec, CEO Jens Montanana collected US$4.65 million (≈ R78.7 million), including salary, pension, benefits and short-term incentives. The company’s revenue fell by 8.8%, but a combination of reduced restructuring costs, interest-income gains and improved margins lifted net profit to US$69.3 million (≈ R1.17 billion).
- At Bytes Technology Group, CEO Sam Mudd received £978,000 (≈ R22.08 million / US$1.3 million) in cash compensation. The firm recorded modest growth, revenue rose 4.9%, and operating profit climbed 17.1% — despite a share-price slump triggered by earlier governance worries.
What the Surge Means for the JSE Tech Sector
The combined R1.38 billion payout is striking, especially as it comes from only five of the JSE’s top tech companies (excluding telecom firms). Together, these firms have a market value of just over R1 trillion (roughly US$59 billion), out of approximately 435 firms listed on the bourse, whose total market capitalisation stands at around R21 trillion (≈ US$1.24 trillion).
The distribution of payouts, with some firms generating cash windfalls through share sales (like Karooooo) while others rewarded core operating performance (like Naspers and Datatec), reflects a broader recovery in investor sentiment and corporate results.
For shareholders and market watchers in South Africa — and beyond — this signals a renewed confidence in technology companies on the JSE, after years of cyclical volatility and global economic headwinds.
Wider Implications for African Tech Investors
For big-ticket investors, analysts and those tracking corporate governance, this latest round of payouts carries several takeaways:
- First, such large LTIs (as seen with Fabrício Bloisi) highlight how companies are banking on long-term value creation, even when immediate cash pay seems modest. That may point to confidence in sustained growth, not just short-term gains.
- Second, founders and CEOs like Zak Calisto converting stock holdings into cash indicates that share-price performance and liquidity remain attractive — possibly fuelling more interest in African technology firms among global investors.
- Third, and perhaps more subtly, the divergence in payout sources suggests different business models across these firms: some lean heavily on core operations, while others generate profits via financial manoeuvres (such as share sales).
For African markets, where tech firms often walk a tightrope between scalability, profitability and investor expectations, the 2025 pay surge could be an indicator that more of them are starting to find that balance.
In short, the R1.38 billion payday is not just a headline number; it’s a statement that, at least among leading JSE-listed firms, investors and executives alike are beginning to see reward for risk, execution and recovery.
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