Staggering Payday For Naspers CEO

01 Jul 2020 by Jasmine Stone in Business, South Africa

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South Africa’s economy may be in freefall, with unemployment numbers rising and experts warning about an impending “avalanche of crime”, but it’s definitely a good time to be top of the Naspers food chain.

In Naspers’ annual report, which was published yesterday, the yearly remuneration of Bob van Dijk, the CEO of Naspers and its European-listed spin-off Prosus, was laid out.

Over the past financial year, ending March 2020, van Dijk has taken home a cool $15,98 million (around R278 million at the time of writing), with TechCentral breaking that payday down as follows:

• $1.36-million (R23.5-million) in base salary;
• $1.18-million (R20.4-million) in short-term incentives;
• $13.28-million (R229.4-million) in long-term incentives;
• $89 000 (R1.5-million) in pension; and
• $62 000 (R1.1-million) in medical, life and disability insurance.

Ka-ching!

It was also a stellar year for Naspers CFO Basil Sgourdos, who earned $9,16 million (around R159 million) during the same period.

Preempting the scrutiny it would face after those paydays became public, the company said in the report that it believes in “pay for performance”, and is also “comfortable with bigger rewards for those that make the highest contribution”.

The report showed solid growth during the past 12 months, with group revenue at $22,1 billion, reflecting growth of 17% from continuing operations.

At the same time, the report stated that due to ongoing uncertainty during the current pandemic, executive directors would not receive any performance-related salary increases during the 2020 financial year.

You can read TechCentral’s full report here.

[source:techcentral]

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