Massive R330 million send-off for Naspers boss – with even more to come

 ·24 Jun 2024

Former Naspers chief executive Bob van Dijk scored a massive R330 million paycheque for the latest financial year – and will still get paid R2.2 million a month for the next six months.

Naspers’ remuneration report for the 2024 full year shows that the former CEO received a basic salary of $1.4 million, a bonus of $1.4 million and various other share options that took his total single salary payout to $18.27 million for the year (R330 million).

Included in this amount was a $747,000 severance payment (R13.5 million).

The severance payment qualifies as an appropriate, all-inclusive compensation for loss of office, Naspers said.

The group announced that Van Dijk would step down from the role in September 2023, but would remain at the group as a consultant until September 2024 to ensure a smooth transition.

According to the group, this consultancy period commenced on 1 April 2024, and for services rendered until September 2024, a gross fee of €113,436.18 (R2.2 million) per month will be paid.

Put another way, the latest pay data shows that the former Naspers CEO earned just under R1 million a day for the past financial year, adding to the insane salary he has taken home since being appointed Naspers chief in 2014.

Adding the latest pay data, the former CEO earned over R1.8 billion during his 10-year stay at the company, taking home close to R500,000 a day.

But the good times won’t stop rolling for the Naspers boss just year.

According to the group, should the performance conditions for the Prosus and Naspers performance share units (PSU) granted in 2021 be met, Van Dijk will still be entitled to an additional gross payment to compensate him for the lapse of certain long-term incentives.

“This additional payment will equal the amount he would have received if continued vesting of the relevant PSU awards had been possible regarding the scheme rules,” Naspers said.

The amount payable will be fixed at the value of the PSU awards on the date they would have vested and payable on 26 August 2024 and 21 June 2024, respectively.

Bob van DijkValue (US$)
Base Salary$1,469,000
Standard STI$1,469,000
Performance Share Units$8,652,000
Share Appreciation Rights$4,350,000
Share Options$1,441,000
Severance Payment$747,000
Other Benefits$45,000
Total Remuneration$18,269,000
Rands (ZAR/$=R18.12)R331,120,000

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