South Africa’s richest man (Bloomberg) and founder and chairman of luxury goods company Richemont, Johann Rupert, has taken a pay cut in 2018, but still walked off with a R39 million salary in 2018.
Richemont has published its annual report for the 2018 financial year, showing what the group paid its senior executives for the year.
Rupert’s total pay amounted to CHF 3.06 million (R39.3 million), down from CHF 3.2 million (R41.7 million) in 2017.
According to Bloomberg’s billionaire list, as of May 31, 2018, Rupert is the world’s 193rd richest person, and the richest in South Africa, boasting a fortune of $7.84 billion, down $257 million (R3.2 billion) from the start of the year – but up $400 million (R5 billion) from the same time last year.
From October 2017, Rupert’s annual compensation was reduced by CHF 0.5 million (R6.4 million) to CHF 2.7 million (R34.6 million), split equally between salary and pension contributions. During the period under review no variable compensation was awarded, the group said.
Pay for Richemont’s top executives totaled CHF 26,773,026 for the year (R343 million).
|Executive||Role||Total pay (CHF)||ZAR|
|Cyrille Vigernon||President & CEO of Cartier||6 001 135||R77.0 million|
|Jerome Lambert||COO||4 891 538||R62.8 million|
|Nicolas Bos||President & CEO of Van Cleef & Arpels||4 615 238||R59.2 million|
|Burkhart Grund||CFO||3 251 099||R41.7 million|
|Johann Rupert||Chairman||3 066 825||R39.3 million|
|Gary Saage||CFO (former)||2 960 560||R38.0 million|
|Other executives||5 053 456||R64.8 million|
|Total||26 773 026||R343.5 million|
Conversions done at 1 CHF = 12.83 ZAR
The total remuneration for the Board of Directors – a total of 21 people, including Absa CEO, Maria Ramos and former Richemont CEO, Richard Lepeu, amounted to CHF 11,955,671 (R153.4 million), taking total compensation for the executive committee to CHF 38,728,697 (R496.8 million).