Kenya’s banking industry is one of the most vibrant and lucrative sectors in the country.
In recent years, the industry has witnessed significant growth, with several banks reporting impressive financial performances.
This growth has not only benefited the banks but also their top executives, particularly the CEOs.
As of 2022, the salaries of these CEOs have continued to rise, reflecting the significant contributions they make to their respective institutions.
In this article, WoK takes a closer look at the highest paid Kenyan banks CEOs and examines their compensation packages and the factors driving their high earnings.
1. Paul Russo
Paul Russo, a human resources management professional, businessman and corporate executive is the CEO of KCB Group Limited.
In 2022, Russo was the highest paid Kenyan bank CEO having made Ksh 217.4 million in annual gross pay.
The millions were broken down to Ksh 72.7 million annual salary, Ksh 99.3 million bonus in cash, Ksh 24.8 deferred, gratuity of Ksh 5.8 million and non-cash bean nefits of Ksh 2 million
Russo holds a BA in Business Management and a BA in Business Administration and Management both from Moi University.
He also holds an MBA in Strategic Management from Strathmore Business School.
2. James Mwangi
James Mwangi, an accountant, career banker,m and entrepreneur is the current CEO of Equity Group Holdings PLC.
According to The Standard, James Mwangi took home a whopping Ksh 213.6 million in annual gross pay.
His annual salary was 106 million while Ksh 53 million and Ksh 31.8 million was bonus and gratuity respectively.
Mwangi also earned Ksh 8.3 million leave pay and Ksh 5.1 million in estimated value of non-cash benefits.
He holds five honorary doctorate degrees in recognition of his positive impact on the Kenyan society.
Mwangi also holds a Bachelor of Commerce degree and is a Certified Public Accountant.
3. John Gachora
John Gachora is an electrical engineer by training but he currently serves as the Group Managing Director and CEO of NCBA Bank.
He made a total of Ksh 147.7 million in 2021.
This was broken down to Ksh 89.6 million annual salary, Ksh 40 million cash incentive remuneration and Ksh 9.8 million retirement benefit.
Gachora holds a Masters Degree in Electrical Engineering and Computer Science from the Massachusetts Institute of Technology (MIT), USA.
He also holds an MBA from the Wharton School, University of Pennsylvania, USA.
4. Kariuki Ngari
Kariuki Ngari is the Managing Director and CEO of Standard Chartered Bank Kenya Limited.
In 2022, he took home Ksh 124.4 million, comprising of Ksh 47 million annual salary, Ksh 39.8 million bonus and Ksh 13.2 million in deferred cash awards.
Ngari also made Ksh 4 million non-cash benefits and Ksh 6.4 million pension.
He has a Bachelor of Arts in Economics and Sociology from University of Nairobi and an Executive Management Course from INSEAD Business School, Singapore.
5. Jeremy Awori
Jeremy Awori is the Managing Director and CEO of Ecobanl Transitional, a role he assumed on March 1, 2023.
His move to Ecobank followed his exit from Absa Bank where he served as the CEO in November 2022.
While at Absa, he earned Ksh 106.7 million in annual gross pay.
He holds an undergraduate degree from The University of Manchester, an MBA from McGill University and an MBA from INSEAD.
