Africa-Press – South-Africa. Thanks to a stronger currency, Investec CEO Fani Titi is the highest-paid banking boss in South Africa, earning over R170 million—which is almost double that of the next closest banking CEO.
Running a major company comes with many hardships, but one motivating factor for taking on the CEO position is the substantial salaries they receive for a job well done.
This is no different for South Africa’s most prominent banking CEOs.
Being a Chief Executive Officer (CEO) is challenging. The role comes with immense pressure, as these leaders face ever-increasing regulatory scrutiny, complex market dynamics, and the responsibility to ensure financial stability.
Balancing profitability with ethical practices is a constant challenge, requiring strategic acumen and resilience.
Despite the demands of the job, banking CEOs – and those in other sectors – are generously compensated for their work, particularly if they excel in their roles.
Over the course of the past year, the CEOs of South Africa’s major banks, including Investec, Capitec, Standard Bank, Absa, and Nedbank, received substantial paychecks.
Among them, Fani Titi, the CEO of Investec, earns significantly more than the others. Titi’s earnings for the 2023 financial year totalled £7.5 million (R175 million), equivalent to an R475,452 day.To provide some context, Titi earned nearly double that of the second highest-paid banking CEO, Nedbank’s Mike Brown, who earned R92.5 million, roughly R253,425 per day.
To put it differently, according to Stats SA’s latest quarterly employment survey (QES), the average formally employed non-agricultural worker in South Africa earns R26,894 per month or R322,728 annually.
This means Titi earned 1.4 times the annual average wage in a single day.
It’s important to note that Investec’s Directors are paid in pounds sterling (£), so they earned significantly more when converted to the local currency due to the rand’s weakness.
Standard Bank CEO Sim Tshabalala earned the third highest pay at R83.3 million or R228,230 per day, while Absa’s Arrie Rautenbach and FNB’s Jacques Celliers are at the bottom of the pile.
They earned R40.03 million and R31.9 million, which is R109,685 and R87,458 per day, respectively.
FNB CEO Jacques Celliers will be stepping down and taking up a new role taking executive responsibility for the group’s fintech strategy. He will be succeeded by FirstRand group chief financial officer Harry Kellan. The changes will take effect from 1 April 2024.
Additonally, Mike Brown will no longer be the CEO of Nedbank. 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.
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