Details have emerged ranking the top six highest-paid CEOs of Kenyan banks and their exact earnings over the past one year.
According to a report by Business Daily Newspaper, the combined earnings for the financial year that ended in December 2018 for the six leaders stood at Ksh1 Billion which was an improvement from the previous year's Ksh987 million.
The paper further detailed that a majority of the earnings for the executives came from bonuses which reportedly doubled their basic salaries.
In the report, Co-operative Bank CEO Gideon Muriuki and his Kenya Commercial Bank counterpart Joshua Oigara were the top earners for that year pocketing Ksh376 million and Ksh273 million respectively.
“The main driver for the increase in the executive directors’ pay was bonus payment, which is performance-based and an enhancement in the bonus policy for employees.
“Bonus and salary adjustments for staff are tied to achievement of multiple metrics, including profitability of the group and at all times reflect the bank’s performance in a year,” An earlier KCB statement revealed.
The other CEOs who racked up an impressive pay included Barclays Kenya chief executive Jeremy Awori who closed the year with a basic salary of Ksh34 million and bonuses amounting to Ksh66.8 million.
Former Standard Chartered Bank CEO Lamin Manjang, who left in December 2018, got a Ksh100 million salary while NIC Bank MD John Gachora made Ksh95.9 million with a basic salary of Ksh61.6 million.
Closing the list, former HF managing director Frank Ireri, who exited the finance group in March this year, earned Ksh64.1 million a dip from the previous year's pay of Ksh64.4 million.
The CEOs got the bigger paycheques even as the industry dipped in revenues with a median bank worker's salary standing at Ksh2.64 million or Ksh220,200 per month.
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