South African executive Phuthi Mahanyele-Dabengwa eyes $5 million moonshot award

South African executive Phuthi Mahanyele-Dabengwa is set to receive a potential one-time award of up to $5 million in Prosus and Naspers shares by 2029, under a long-term incentive plan tied to performance conditions set out in the companies’ 2025 annual reports.

The award sits within a wider leadership compensation framework that also includes group chief executive Fabricio Bloisi, who is eligible for a separate performance-linked incentive of as much as $100 million. Together, the plans highlight how both executives are being tied to long-term outcomes across the group’s global internet and technology investments.

Mahanyele-Dabengwa award aligns value creation

Mahanyele-Dabengwa’s award aligns her payout with value creation across the Naspers and Prosus portfolio. If performance conditions are met, she will receive it in 2029, paid in 70 percent Prosus shares and 30 percent Naspers shares. It is designed to keep senior leadership focused on financial and market goals over several years rather than short-term results.

At the center of the plan is a demanding set of targets. The combined market value of Naspers and Prosus would need to rise from about $84 billion to $168 billion over a four-year performance period beginning July 1, 2024, and ending June 30, 2028. That level would then need to be maintained through June 30, 2029, for any payout to be triggered.

Also, shareholder returns must outperform at least half of a global peer group that includes Alphabet, Amazon, Meta Platforms, Alibaba, Uber Technologies, Sea Limited, and Mercado Libre. The board has said the structure is intended to reflect sustained performance against some of the largest global technology companies rather than short-term share price moves.

Board links incentives to long-term returns

According to the framework outlined in the annual reports, the implied annual growth rate required to meet the valuation target is above 19 percent. The board has also compared the scale of the goal to building a business larger than companies such as SoftBank Group, PayPal, Shopify, or Airbnb based on current market values.

The incentive plan was approved through the board’s human resources and remuneration committees, with audit oversight and external advisers involved in the process. It forms part of a broader approach that links executive compensation more closely to long-term shareholder returns and operational performance across the group’s global internet and e-commerce assets.

Mahanyele-Dabengwa oversees Naspers SA portfolio strategy

Phuthi Mahanyele-Dabengwa oversees Naspers South Africa operations and works with senior leaders at Prosus and Naspers on portfolio strategy. She guides the group’s South African business and participates in decisions across e-commerce, fintech and digital services. She has more than three decades of experience in the corporate sector and serves as chief executive of Naspers South Africa within a group which boasts a market capitalization of $40 billion.

Her current equity holdings include 255 Naspers ordinary shares held directly and 39,143 held indirectly, giving her a total beneficial interest of 39,398 shares valued at about R34.3 million, or $2.03 million. She also holds 1,050 Prosus ordinary shares valued at €42,000, or about $48,474. The holdings link her personal financial position to the group’s performance as it continues to adjust its global investment strategy.