The South African CEO whose pay fell from R290 million to R50 million in three years

Neal Froneman, the outgoing CEO of Sibanye-Stillwater, has seen his single-figure remuneration drop from R290 million in 2021 to R50 million in 2024.

Froneman has been the group’s CEO since 2013 and has been praised for turning it from a gold-focused operation into a diversified multinational with interests in platinum and palladium.

However, Froneman’s high pay has been noted as a particular sore point in South Africa, which has the world’s highest levels of inequality.

Following the company’s strong performance in 2021, buoyed by a commodity boom, Froneman’s single-figure remuneration rose to an eye-watering R292 million, which was linked to long-term share incentives.

The figure would then drop to just over R198 million in 2022, before hitting R56 million in 2023 when the group reported a R37.9 billion loss after taking an impairment against its US palladium mine.

The group’s challenges saw it lay off well over 5,000 jobs at its PGM operations amid a global price drop.

In 2024, the group’s loss narrowed to R5.7 billion, which was attributed to significant restructuring efforts and weaker platinum and nickel markets.

Despite the group’s problems, Froneman still received R50.9 million in single-figure remuneration, with R23 million in South Africa and R27 million in the US.

Froneman’s fellow executives also scored large pay packages, with CFO Charl Keyter scoring R23.5 million.

Americas Regional Officer Charles Carter received R34 million, and Chief Commercial & Development Officer Laurent Charbonnier got R43.9 million.

Chief Regional Officer of Europe Mika Seitovirta also received R26.7 million, while Chief Technical and Innovation Officer Robert van Niekerk got R23.2 million.

Despite Sibanye’s struggles, Froneman benefited from a put option in the first half of 2024 after the company’s share price tanked.

A put option gives the holder of the option the right, but not the obligation, to sell an asset at a predetermined price.

Despite the group’s share price dropping to R18 early last year, Froneman exercised his put option at a strike price of R66.24, pocketing over R95 million while thousands of employees were laid off.

A new CEO incoming

Froneman will soon leave the group, retiring from his role effective 30 September 2025 after over a decade in charge.

Richard Stewart, currently the Chief Regional Officer for the Southern Africa region and who scored a R20.6 million pay package in 2024, will succeed Froneman as CEO and executive director.

Stewart was appointed CEO designate and executive director on 1 March 2025, continuing his responsibilities in Southern Africa.

“Richard’s appointment follows an independent, best practice succession process overseen by the Board, said Sibanye-Stillwater.

“Richard’s appointment is a testament to the quality and depth of leadership at Sibanye-Stillwater and the well-considered and effective Group succession planning processes.”

Stewart joined the group in 2014 and has held several key roles, including his current role as COO and executive vice president of business development since 2022.

Froneman’s legacy at Sibanye received praise from board chairperson Vincent Maphai, who highlighted how Froneman was tasked with a challenging initial turnaround of the three mature gold mines. 

“From the significantly more profitable and stable base that was established, he subsequently drove the strategic growth and diversification of the Group into what it is today,” said Maphai.

He added that Stewart’s appointment “will ensure continuity and a seamless leadership transition, allowing the leadership team to take the group to new heights.”