In the full financial year 2023, NCBA Group CEO John Gachora received a total salary of Ksh 185.76 million, reflecting a significant increase of 25.75 percent from the Ksh 147.73 million he earned the previous year.
This rise in compensation is attributed to the group’s strong financial results for 2023, with profit after tax climbing from Ksh 13.78 billion in 2022 to Ksh 21.46 billion.
Gachora’s remuneration package includes a basic salary of Ksh 93.48 million, along with a performance-based short-term incentive of Ksh 60 million, which is a result of the bank’s outstanding performance during the fiscal year ending December 2023.
Additionally, he was awarded a long-term incentive of Ksh 21.28 million, contributing to his total earnings.
Gachora has been at the helm of NCBA Group, a financial services conglomerate with operations in Kenya, Tanzania, Uganda, and Rwanda, since 2019, following a six-year tenure as Group Managing Director and CEO of NIC Bank Group.
In 2013, he was recruited by NIC Bank Group from Barclays Africa, where he oversaw the multinational’s corporate and investment banking operations based in South Africa.
For the financial year ending December 2019, Gachora received a total compensation of Ksh 94.9 million, a decrease from the Ksh 98 million he earned in the previous financial year as CEO of NIC Bank.
His prior experience includes serving as the chief executive officer at Absa Africa and as managing principal and Head of Africa at Absa Capital.
Additionally, Gachora held the position of managing director and head of group at Bank of America Investment Banking in Charlotte, North Carolina, and served as Vice President and Structuring Head at Credit Suisse First Boston in New York.
He takes pride in being the first indigenous Kenyan to attain the role of managing director on Wall Street, a prominent center of finance in the United States.
Gachora holds a Master’s Degree in Electrical Engineering and Computer Science from the Massachusetts Institute of Technology and an MBA from The Wharton School at the University of Pennsylvania.