[imagesource:theceomagazine]

We thought the salaries of the insurance company CEOs in South Africa were ludicrously high…

Well, get your tissues because our big bankers earn far more eye-watering amounts.

Discovery CEO Adrian Gore’s take-home figure of R28,3 million is a pittance compared to the CEOs of SA’s major banks, namely Capitec, Standard Bank, Absa, Nedbank, and FNB.

Capitec CEO Gerrie Fourie is currently leading the remuneration race in the banking sector with his dope R62 million pay package for 2023.

And guys, that’s his total pay for the 12 months to February which is a third less than what he earned in 2022. Look at him smiling above.

News24 reported that comparing the banker CEOs’ salaries is a challenge because of differing year ends, and volatile markets. For example, FirstRand sees its financial year stop at the end of June, while Absa and Nedbank also have December year ends.

Fourie has apparently earned it, having overseen the rapid growth of Capitec; “It is now about double the size of its biggest competitors in terms of customer numbers in SA, with its 20 million covering a third of the population”:

Capitec says it benchmarks its executive remuneration against JSE-listed companies of similar size in terms of market capitalisation at least every two years. The bank’s market value on the JSE now sits around R199 billion.

The bank also looks at the remuneration of the other big four bank CEOs, but Fourie’s total pay was much closer to Vodacom’s Shameel Joosub, who got R67.5 million before tax in 2022.

Then there’s Standard Bank’s Sim Tshabalala making it rain with R55,7 million, FirstRand’s Alan Pullinger pulling in R48,3 million, followed by Absa’s Arrie Rautenbach enjoying a lekker R46 million, Nedbank’s Mike Brown having fun with R43,7 million, and FNB’s Jacques Celliers living his best life with R41,2 million.

Must. Be. Nice.

[source:news24]