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KCB CEO Loses Millions in Bonuses
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|KCB CEO Loses Millions in Bonuses by Kenyans247(1): Mon 18, May, 2020 10:11pm|
Joshua Oigara, KCB Group CEO, lost Ksh34.6 million shillings in earnings in 2019, the bank's annual report reveals.
Despite earning an astonishing Ksh145.3 million in bonuses over the period, this was a significant drop from the Ksh179.9 million he earned in 2018.
During the period, he earned a bonus of Ksh145.3 million, which dropped 19.2% from the Sh179.9 million bonus he was paid in 2018.
However, following the banks reported a 7.5% pretax profit for the financial year 2019 of Ksh36.7 billion, the CEO still took home Ksh299.1 million in salary, bonus and allowances.
During the year 2019, there was a KSh12.8 million adjustment to the basic pay of the two Executive Directors sitting on the board with effect from January 1, 2019,” reads an excerpt from the bank's annual report.
The group's Chief Financial Officer (CFO) Lawrence Kimathi, was also rewarded with a 12.84% pay rise, moving from Ksh81.8 million in 2018, to Ksh92.3 million.
Speaking back in March when the bank announced its's pre-tax profits, Oigara said that the business remained resilient despite the challenging economic conditions witnessed in the various markets and the wider global economy.
“All business lines were strong on both funded and non-funded income as cost control, operational efficiency and driving excellent customer experience remained a top priority,” he stated.
The CEO's renewable contract term of five years ends in 2023, bonus payments to executives at his level are tied to the achievement of multiple metrics, including the profitability of the group.
In May 2019, Co-operative Bank Chief Executive Officer Gideon Muriuki emerged as the highest-paid chief executive in the country.
According to a wealth report published by Business Daily, Muriuki trounced all the CEOs of companies listed in the Nairobi Stock Exchange with his Ksh376.4 million annual pay.
Centum CEO, James Mworia, is another major earner having raked in Ksh177.6 million or an equivalent Ksh14.7 million per month in the year ending March 2018, which included a bonus of Ksh132 million.
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