Co-operative Bank of Kenya chief executive officer Gideon Muriuki is reported to have earned KSh 455.5 million last year.
The revelations make him one of Kenya’s top-paid bosses with a daily average earning of KSh 1.25 million.
According to the Nation, the bank’s top shareholder — Co-op Holdings Co-operative Society Limited—disclosed that Muriuki earned a salary of KSh 154.39 million and a bonus pay of KSh 301.14 million.
This makes it a monthly pay of KSh 37.9 million, which is 209 times the KSh 181,618 average pay that workers in the country’s financial sector took home in 2022.
The CEO earned KSh 428.2 million in salary and bonuses in 2022, which means he got a KSh 27.2 million pay rise, that year the bank had a profit of KSh 23.2 billion.
Previously Co-operative Bank said that the pay reflects Muriuki’s long service to the lender.
His efforts in turning around the bank’s fortunes from a loss-making operation to one of the largest and most profitable financial institutions were also praised.
The Bank has a performance-based bonus reward system applicable to all staff.
Muriuki and his board are credited for instilling a performance-driven culture at Co-operative Bank.
Muriuki joined Co-op Bank in 1996 as a senior corporate manager and rose to the position of director for corporate and institutional banking before being appointed Managing Director in 2001.
The CEO has over 35 years of experience in banking and finance.
WoK previously covered Muriuki’s bio and his net worth.
The co-operative bank is Kenya’s third most profitable bank after Equity Group (KSh 41.98 billion) and KCB Group (KSh 37.46 billion).
NCBA is fourth with a net profit of KSh 21.4 billion.
