{"id":314520,"date":"2019-05-02T18:00:30","date_gmt":"2019-05-02T16:00:30","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=314520"},"modified":"2019-05-02T16:23:45","modified_gmt":"2019-05-02T14:23:45","slug":"ramos-scores-r30-million-farewell-payday-from-absa","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/314520\/ramos-scores-r30-million-farewell-payday-from-absa\/","title":{"rendered":"Ramos scores R30 million farewell payday from Absa"},"content":{"rendered":"

Retired Absa CEO Maria Ramos earned a total pay package of R29.7 million in her final year at the financial services company, topping off her decade as chief executive of the group.<\/p>\n

Ramos announced her retirement from Absa in January 2019, with her plan to leave the company after her 60th birthday in February.<\/p>\n

The board appointed former registrar of banks, and Absa non-executive director, Ren\u00e9 van Wyk as the group\u2019s chief executive officer with effect from 1 March 2019 for an interim period, as it seeks new full-time leadership.<\/p>\n

For the 2018 financial year, Absa reported headline earnings per share (HEPS) lower by 1% to R17.04 from R17.25, previously. This included R3.2 billion of separation costs, recognised as operating expenses.<\/p>\n

Diluted normalised HEPS grew 4% to R19.10 from R18.45, while normalised headline earnings increased 3% to R16.1 billion compared with 2017 and revenue increased 4%, to R75.7 billion.<\/p>\n

Return on equity improved to 16.8% from 16.5%; revenue grew 4% to R75.7 billion; operating expenses rose 5% to R43.6 billion; and the group’s dividend increased 4% to R11.10 per share.<\/p>\n

As part of the group’s integrated report for the year ended December 2018, Absa revealed that Ramos took a pay cut in a year of major changes for the bank, which included a separation from Barclays, and a complete brand overhaul in local and international markets.<\/p>\n

Ramos’ guaranteed pay was cut from just under R15 million in 2017, to R13.8 million in 2018, with a short-term incentive of R15.9 million – taking her total pay to R29.7 million for the year.<\/p>\n

Though not paid out for 2018, the bank still lists a cost-to-company for Ramos of R10 million to be paid out in the 2019 financial year.<\/p>\n

Absa paid a total of R74 million to its executive directors and R68 million to its prescribed officers, totalling R142 million for the year, averaging R15.8 million per executive.<\/p>\n

After Ramos, Peter Matlare, deputy CEO for the rest of Africa took home the second largest amount at R20.3 million, followed by financial director, Jason Quinn with R17.6 million.<\/p>\n

\"\"<\/a><\/p>\n

Ramos’ pay averages at around R81,400 per day, and is 49 times larger than the average salary at Absa – R606,030 (R24.76 billion for 40,856 employees).<\/p>\n

Stats SA\u2019s latest Quarterly Employment Survey, showed that the average employee in South Africa earned R20,190 a month, or R242,280 a a year \u2013 putting Ramos’ salary at 123 times greater.<\/p>\n

The table below outlines what Absa\u2019s top executives earned, and how that translates per day.<\/p>\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Employee<\/strong><\/td>\nTotal Remuneration<\/strong><\/td>\nAverage per day<\/strong><\/td>\n<\/tr>\n
M Ramos<\/td>\nR29.71 million<\/td>\nR81 400<\/td>\n<\/tr>\n
P Matlare<\/td>\nR20.32 million<\/td>\nR55 700<\/td>\n<\/tr>\n
J Quinn<\/td>\nR17.62 million<\/td>\nR48 300<\/td>\n<\/tr>\n
A Rautenbach<\/td>\nR16.76 million<\/td>\nR45 900<\/td>\n<\/tr>\n
M Harvey<\/td>\nR14.44 million<\/td>\nR39 560<\/td>\n<\/tr>\n
T Ofong<\/td>\nR14.37 million<\/td>\nR39 370<\/td>\n<\/tr>\n
N Nqweni<\/td>\nR13.05 million<\/td>\nR35 750<\/td>\n<\/tr>\n
C Russon<\/td>\nR9.29 million<\/td>\nR25 450<\/td>\n<\/tr>\n
D Hodnett<\/td>\nR6.38 million<\/td>\nR17 480<\/td>\n<\/tr>\n
Absa average<\/em><\/td>\nR606 030<\/em><\/td>\nR1 660<\/em><\/td>\n<\/tr>\n
South Africa average<\/em><\/td>\nR242 280<\/em><\/td>\nR650<\/em><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n
\n

Read: Standard Bank\u2019s top 6 executives rake in over R225 million<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Retired Absa CEO Maria Ramos earned a total pay package of R29.7 million in her final year at the banking group, topping off her decade as chief executive of the group.<\/p>\n","protected":false},"author":10,"featured_media":295854,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[29,26],"class_list":["post-314520","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-absa","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/314520","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=314520"}],"version-history":[{"count":7,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/314520\/revisions"}],"predecessor-version":[{"id":314594,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/314520\/revisions\/314594"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/295854"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=314520"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=314520"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=314520"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}