Kenyans.co.ke has established that Co-operative Bank Chief Executive Officer Gideon Muriuki is the highest paid in Kenya thanks to a 5.6 per cent increase in his salary.
According to a wealth report published by Business Daily, Muriuki trounced all the CEOs of companies listed Nairobi Stock Exchange with his Ksh376.4 million annual pay.
The increase was largely attributed to his basic salary that rose by Ksh5.6 million to stand at Ksh105.4 million.
His bonuses of Ksh271 million largely remained the same.
Broken down, the pay that Muriuki earned in the financial year that ended December 31, 2018, loosely translates to Ksh31 million every month.
In a statement, the bank stated that it rewarded the CEO for his good work in growing its assets to become the third largest lender in the country.
“The group has invested in a performance-driven reward structure, and the board has rewarded tremendous growth and transformation of the bank from a huge loss position of Ksh2.3 billion in year 2001 and an asset base of only Ksh25 billion to now one of the largest banks in the region with an asset base of over Ksh425 billion.
“It is a celebrated transformation journey now with the bank for over 18 years as the chief executive officer,” reported the paper.
The bank announced that its profit margin increased by 11.6 per cent to stand at Ksh12.7 billion.
Muriuki's earnings were ahead of that of KCB CEO Joshua Oigara, who also got a 6.6 percent pay rise in 2018 to Ksh273 million.
