Business

One of the longest serving CEOs who took a small South African company international now earns over R31,000 a day

Malcolm Libera

 ·16 Aug 2026

Treve Hendry has spent almost 30 years building a small South African mining supplier to an international engineering and manufacturing group.

Hendry was appointed chief executive officer of Argent, then known as Scharrig Industrial Holdings, on 5 May 1997.

According to the company’s annual reports, he has now served as CEO for 29 years, making him one of the longest-serving chief executives of a company listed on the Johannesburg Stock Exchange.

His career at the group began shortly after he joined PMT Steel, an Argent subsidiary, as financial manager in August 1995.

A qualified chartered accountant, Hendry holds B.Com and B.Compt(Hons) degrees and completed his articles at Ernst & Young before working as a financial manager at Ferreira’s Hardware.

He became Argent’s financial director in early 1997 before taking over as CEO later that year.

The company itself was incorporated in 1993 as Scharrig Industrial Holdings and listed on the JSE in November 1994.

Its early operations were closely linked to mining and included the manufacture of tipper trucks and the refurbishment of heavy engines. The company adopted the Argent Industrial name in 1999.

During the 2000s, Argent expanded aggressively through acquisitions, building a broad portfolio of industrial, steel and consumer businesses.

These included Jetmaster, Xpanda, Phoenix Steel, Castor & Ladder, Toolroom Services, Cedar Paint and Gammid Trading.

However, prolonged economic weakness, volatile steel prices, and labour instability eventually prompted a change in strategy.

Between 2010 and 2017, the group progressively exited lower-margin and capital-intensive steel distribution and scrap operations, redirecting capital towards specialised manufacturing and property.

From 2018 onwards, the strategy increasingly focused on international expansion. Argent acquired businesses involved in fuel storage and industrial containers in the UK, while also expanding its manufacturing capacity abroad.

The group now has 32 companies, including New Joules Engineering in North America and Cannock Gates in the UK. More than 70% of its operating profits originate outside South Africa.

Massive pay for performance

Hendry’s approach has been to maintain a diversified portfolio, with individual businesses operating independently while creating opportunities for trade between them.

He has previously described the South African environment as one where companies have to “change the game, adapt and adjust”.

BusinessTech’s analysis of Argent’s annual reports shows that Hendry’s total remuneration rose from R3.417 million in 2016 to R11.428 million in 2026. 

Across the 11-year period, his cumulative reported earnings amounted to R76.079 million.

His 2026 package equates to roughly R31,300 per day when divided across 365 days, although executive remuneration is not simply a daily salary and includes performance-related components.

Basic salary increases were generally linked to inflation, with 7% increases recorded in 2020, 2022, 2023 and 2024.

In 2025 and 2026, increases were reduced to 6%. There was no annual inflationary increase in 2021 because of the uncertainty created by the Covid-19 pandemic.

Performance incentives have played a significant role in Hendry’s overall remuneration. In 2022, his package exceeded R10.18 million, including a R1.871 million bonus and R3.574 million in share-option benefits.

In 2026, his remuneration reached a new high of R11.428 million, including a record short-term incentive of R4.559 million.

The increase came as Argent reported its eighth consecutive year of earnings growth. Attributable earnings rose 8.5% to R293 million in 2026, while headline earnings per share increased 9.1% to 538.2 cents.

The group’s net asset value per share rose to 3,837.1 cents, while ordinary dividends increased 11% to 141 cents per share. Argent also repurchased more than 1.27 million shares during the year.

The table below outlines Hendry’s remuneration over the last 11 years as the head of Argent Industrial.