FirstRand has released its integrated report for 2015, revealing how much its top executives took home in the latest financial year.
Six FirstRand executives took home over R128 million in combined salaries in 2015, including a R33.4 million payout for exiting CEO Sizwe Nxasana – a 13.3% increase from 2014.
Over the past six years, Nxasana’s salary has increase at an average annual rate of 22.5%, having climbed from R9.9 million in 2009.
Under Nxasana, FirstRand’s earnings have grown by a 23% CAGR. The CEO stepped down from the position at the end of September 2015, and has been replaced by his former deputy CEO Johan Burger.
In 2015, FNB CEO Jacques Celliers saw his salary increase 22.6% to R16.6 million, from R13.5 million in 2015.
Banking CEO salaries
While Nxasana’s salary jump was significant, it still doesn’t reach the levels of Nedbank’s Mike Brown, whose 2014 salary remains the highest among banking executives in the country.
When taking specialty banks into account, Investec CEO Stephen Koseff trumps all others with a 3.97 million pound salary in 2015 – which equals R81 million.
The financial years for Nedbank, Standard Bank, and Absa end on 31 December 2015, so salary data is from the 2014 financial year.
Banking CEO salaries, in ZAR millions
|Bank||CEO||Base salary||Total package|
|Standard Bank||Sim Tshabalala||7.738||24.278|
|Standard Bank||Ben Kruger||7.352||19.010|
* Full year, 2015