FILE PHOTO: Mike Brown,Chief Executive Officer of Nedbank Group Limited
FILE PHOTO: Mike Brown,Chief Executive Officer of Nedbank Group Limited

Nedbank's CEO just added R53 million to his personal wealth

By Staff Reporter Time of article published Apr 10, 2019

Share this article:

Nedbank has released their annual report for 2018 which revealed how much their executives earned including Nedbank Chief Executive Mike Brown according to BusinessTech. 

The annual report showed that Nedbank paid its top six executives a total R210.2 million in 2018, an average R35 million per executive. Nedbank Chief Executive received the best pay taking home a total package of R53 million for 2018. 

The R53 million package includes a guaranteed of R8.5 million, a cash bonus of the same amount, a short term incentive payout of R16 million and a long-term incentive (LTI) of R16.5 million at "face value'. 

Taking into consideration share performance and dividend, the LTI value upturn giving a single figure remuneration of R53 million. 

Brian Kennedy, a managing executive, took home R43.5 million while chief operating officer Mfundo Mkhulu had a total package of R32.9 million and Raisible Morathi took home R30 million. 

Per day comparison 

The executive pay of Nedbank's Chief Executive works out to R145200 a day (over 365 days). 

Based on Nedbank's staff costs (R13.4 billion) and employee figures (31277), the average employee at Nedbank earns R428400 annually which translates to R1170 per day.

According to a Stats SA Quarterly Employment Survey, the average employee in South Africa earned R20190 a month or R242280 a year. 

The table below shows how much each Nedbank executive earns and how that translates to per day:

Employee Total remuneration Average per day
Mike Brown R53 million R145230
Brian Kennedy R43.5 million R119150
Mfundo Nkhulu R32.9 million R90030
Raisible Morathi R30 million R82140
Ciko Thomas R28.7 million R78690
Iolanda Ruggiero R22.1 million R60630
Nedbank average R428430 R1170
South African average R242280 R650

Nedbank banking app

Recently Nedbank announced that it added two new features to their Nedbank MoneyApp. 

The new features include a digital virtual personal assistant called HeyNed to the app and a new Home-Buying Toolkit that allows users to buy or sell their homes on the app. 

According to Nedbank, the Home-Buying Toolkit will make it easier and convenient for prospective home buyers with a comprehensive range of tools and guidelines aimed at equipping them with everything they need to find, finance and purchase their ideal home.


Share this article:

Related Articles