{"id":768018,"date":"2024-04-15T16:49:36","date_gmt":"2024-04-15T14:49:36","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=768018"},"modified":"2024-04-15T16:49:41","modified_gmt":"2024-04-15T14:49:41","slug":"old-mutual-ceo-scores-massive-r32-million-payday-thanks-to-a-big-performance-bonus","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/768018\/old-mutual-ceo-scores-massive-r32-million-payday-thanks-to-a-big-performance-bonus\/","title":{"rendered":"Old Mutual CEO scores massive R32 million payday \u2013 thanks to a big performance bonus"},"content":{"rendered":"\n

Thanks to a strong performance, the Old Mutual executive earned a collective R157 million in 2023, with the CEO Iain Williamson a sizeable R32 million after a nice R13.2 million bonus.<\/p>\n\n\n\n

In its financial results for the year ended 31 December 2023 (FY2023), the group highlighted its profitable top-line growth and strong earnings delivered in 2023.<\/p>\n\n\n\n

Despite a challenging operating environment, characterised by high inflation, elevated interest rates and muted economic growth in South Africa, the group saw sales growth of 17% in its key life segments, with it growing market share profitability in its key markets.<\/p>\n\n\n\n

Net client outflows of R7,510 million improved by 40% from the prior year and were primarily driven by good inflows in its life business.<\/p>\n\n\n\n

Looking at the numbers, the group\u2019s profit after tax improved from R5.6 billion in FY2022 to R7.6 billion in FY2023, while headline earnings improved from R5.8 billion to R7.4 billion.<\/p>\n\n\n\n

With the jump in profits, the group upped its total dividend by 7% from 76 cents per share in FY2022 to 81 cents in FY2023.<\/p>\n\n\n\n

Financials<\/strong><\/td>FY2022<\/strong><\/td>FY2023<\/strong><\/td>Change<\/strong><\/td><\/tr>
Profit After Tax (Rm)<\/td>5 651<\/td>7 633<\/td>+35%<\/td><\/tr>
Headline Earnings (Rm)<\/td>5 854<\/td>7 380<\/td>+26%<\/td><\/tr>
Basic earnings per share (cents)<\/td>115.5<\/td>158.4<\/td>+28%<\/td><\/tr>
Headline earnings per share (cents)<\/td>129.2<\/td>165.5<\/td>+37%<\/td><\/tr>
Total dividend (cents)<\/td>76<\/td>81<\/td>+7%<\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n

CEO pay<\/strong><\/p>\n\n\n\n

According to Old Mutual’s Remuneration Report 2023, Group CEO Iain Williamson saw his single-figure total remuneration increase by 46% from R22.07 million in 2022 to R32.32 million in 2023.<\/p>\n\n\n

\n
\"\"<\/a>
Group CEO Iain Williamson<\/em><\/figcaption><\/figure><\/div>\n\n\n

This comprised a total guaranteed pay (TGP) of R10.36 million, a short-term performance bonus (cash and differed into shares) of R13.21 million, and a vested interest (LTI) of R8.3 million \u2013 with R459,000 paid out in dividends from qualifying shares. <\/p>\n\n\n\n

This works out to approximately R88,564 per day in 2023. <\/p>\n\n\n\n

Group CFO Casper Troskie and Group COO Zureida Ebrahim saw their pay increase by 24% and 20% to R16.9 million and R12.0 million, respectively.<\/p>\n\n\n\n

Notably, Prabashini Moodley, Managing Director of Old Mutual Corporates, saw her single-figure total remuneration increase by 45% from R9.70 million in FY22 to R14.1 million in FY23.<\/p>\n\n\n\n

Additionally, Clarence Nethengwe, Managing Director of Mass and Foundation Cluster, recorded a 43% increase compared to last year, jumping from R11.25 million to R16.1 million in 2023<\/p>\n\n\n\n

Many of the increases were linked to the vesting of the long-term incentives, which all of the executives were not awarded in 2023 because “the 2020 LTI award did not achieve any of the performance conditions and therefore has a nil vesting,” the report said. <\/p>\n\n\n\n

The table below shows the nine executives’ pay for 2023 and how much it works out to per day. <\/p>\n\n\n\n

Exec<\/th>Pos.<\/th>2023 remuneration<\/th>Per day <\/th><\/tr><\/thead>
Iain Williamson<\/td>CEO<\/td>R32.3 million<\/td>R88 564<\/td><\/tr>
Casper Troskie<\/td>CFO<\/td>R16.9 million<\/td>R46 230<\/td><\/tr>
Zureida Ebrahim<\/td>COO<\/td>R12.0 million <\/td>R32 995<\/td><\/tr>
Clarence Nethengwe<\/td>MD <\/td>R16.1 million <\/td>R44 233<\/td><\/tr>
Kerrin Land<\/td>MD <\/td>R13.8 million<\/td>R37 937<\/td><\/tr>
Khaya Gobodo<\/td>MD <\/td>R21.0 million<\/td>R57 564<\/td><\/tr>
Prabashini Moodley<\/td>MD <\/td>R14.1 million<\/td>R38 521<\/td><\/tr>
Garth Napier<\/td>MD <\/td>R15.1 million<\/td>R41 463<\/td><\/tr>
Clement Chinaka<\/td>MD <\/td>R15.6 million<\/td>R42 808<\/td><\/tr>
Total <\/strong><\/td><\/td>R157 million<\/strong><\/td>R430 315<\/strong><\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n
\n\n\n\n

Read: Trouble for Takealot in South Africa<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

The Old Mutual executives earned a collective R157 million in 2023, with CEO Iain Williamson earning a cool R32 million.<\/p>\n","protected":false},"author":10,"featured_media":768049,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872],"tags":[1110,853],"class_list":["post-768018","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-old-mutual","tag-south-africa"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/768018","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=768018"}],"version-history":[{"count":5,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/768018\/revisions"}],"predecessor-version":[{"id":768064,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/768018\/revisions\/768064"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/768049"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=768018"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=768018"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=768018"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}