Chief executive at Nedbank, Mike Brown, will walk away from his position in May with a nice sum of money. Last year alone, he made R92.5 million, a 176.4% jump from the previous year.
About 50% – R46.4 million – of his pay included a R10.1 million guaranteed package, R18.275 million in bonuses and a long-term incentive award of R18 million. According to the bank, these bumps were due to “the share price appreciation of 67% from the award in 2021 to the end of 2023, an overall vesting outcome on the 2021 LTI [long-term incentive] award of 124.8% compared with 0% in 2022; and a 100% MSS [matched share scheme] match, compared with 0% in 2022.”
Between the CEO, CFO and COO, remuneration grew an average of 180% thanks to the share price’s performance, not over the year but as a “variance of the share price at award over the share price at vesting” which is “valued on the actual number of shares vested.”
On incoming CEO, Jason Quinn’s package, Nedbank says it “was informed by market benchmarks, after also considering Mike Brown’s remuneration” and that a “restraint of trade agreement has also been agreed with Jason.”