{"id":768708,"date":"2024-04-21T17:00:00","date_gmt":"2024-04-21T15:00:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=768708"},"modified":"2024-04-22T11:50:08","modified_gmt":"2024-04-22T09:50:08","slug":"nearly-r100000-a-day-for-14-years-mike-browns-insane-pay-as-nedbank-ceo","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/768708\/nearly-r100000-a-day-for-14-years-mike-browns-insane-pay-as-nedbank-ceo\/","title":{"rendered":"Almost R100,000 a day for 14 years \u2013 Mike Brown\u2019s insane pay as Nedbank CEO"},"content":{"rendered":"\n

From 31 May 2024, Mike Brown will no longer be the CEO of Nedbank. However, over his 14-year tenure at the helm, he received  R477 million in salaries, bonuses, and long-term incentives.<\/strong><\/p>\n\n\n\n

Averaged over his entire tenure, this amounts to R93,400 a day. <\/p>\n\n\n\n

The bank announced the search for a new CEO in June 2023 before finding his replacement in November of that year, Absa’s financial director Jason Quinn.<\/p>\n\n\n\n

Mike Brown has been the CEO of Nedbank since 2010, and the group credits him with turning it into a digital banking powerhouse, which created significant value for shareholders.<\/p>\n\n\n\n

Under Brown’s stewardship, the group successfully navigated an ever-increasing complex and uncertain operating environment, including steering the Nedbank ship through various domestic and internationally induced crises, the most recent being the Covid-19 pandemic, ensuring that the Nedbank Group emerged stronger, the chairperson Daniel Mminele said.<\/p>\n\n\n\n

As a result, Brown was rightly honoured with the Sunday Times Business Leader of the Year award in 2020 \u2013 a testament to the respect and admiration of his peers, he added.<\/p>\n\n\n\n

Mike Brown’s dedication extended beyond the financial sector, as he actively supported various social and environmental initiatives. <\/p>\n\n\n\n

He played a pivotal role in the CEO Initiative, served as Deputy Chairman of Business Leadership SA, and was a former Chairman of the Banking Association of South Africa.<\/p>\n\n\n\n

“After 6 years as CFO and then 14 years as CE of Nedbank Group, I look back with pride on our achievements and the challenges we have overcome together. <\/p>\n\n\n\n

“I leave behind a Nedbank that is stronger, more competitive, more agile, and more digital than when I was first appointed as CE, and I know Jason will continue to build on these foundations to make Nedbank an even better bank than it is today,” said Brown. <\/p>\n\n\n\n

Nedbank currently boasts a market capitalisation of more than R104 billion, making it one of Africa\u2019s largest banks in terms of valuation.<\/p>\n\n\n

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\"Mike<\/a>
Nedbank CEO Mike Brown<\/em><\/figcaption><\/figure><\/div>\n\n\n

How much Brown made<\/strong><\/p>\n\n\n\n

Over his 14-year tenure, Brown earned just over R477,218,000<\/strong> or R93,400 a day<\/strong> \u2013 which included a base salary, short-term incentives, long-term incentives, a pension, and other benefits. <\/p>\n\n\n\n

Mike Brown\u2019s awarded remuneration for 2023 increased by 6.3% compared to a 176.4% increase in the total single-figure remuneration. <\/p>\n\n\n\n

This increase in single-figure remuneration can be attributed, in the main, to the following:<\/p>\n\n\n\n