Safaricom CEO Peter Ndegwa’s Salary Reduced to Ksh 252 Million

Safaricom CEO Peter Ndegwa’s salary for the entire fiscal year 2023 decreased to Ksh 252.3 million.

His total earnings from Safaricom for the year 2023 were Ksh 252.3 million, a decrease from the Ksh 313.1 million he earned in the previous 2022 financial year, as per Safaricom’s annual report.

The reduction in bonus earnings during the year in question caused the decline in Ndegwa’s annual salary.

The bonus earnings decreased by Ksh 62.2 million to Ksh 134.1 million from the previous bonus earnings of Ksh 196.27 million, as indicated by Safaricom’s annual report.

In addition to his total salary, Ndegwa is expected to receive substantial compensation from his increased shareholding in the company.

This was the first time that Ndegwa has recorded a decline in full-year total earnings since joining Safaricom, as evidenced by his earnings.

In the 2022 fiscal year, Ndegwa’s basic compensation was Ksh 95.24 million, and his bonus was Ksh 196.27 million.

Simultaneously, his non-cash benefits totaled Ksh 21.60 million.

In the 2021 fiscal year, Ndegwa received a total salary of Ksh 288.9 million during the 2021 financial year, which concluded in March 2022.

This represented a 43% increase from the Ksh 202 million he earned in the fiscal year 2020.

In total, his monthly income was an average of Ksh 24.075 million.

As earlier reported on WoK, Ndegwa boosted his ownership of Safaricom shares to 6.21 million.

As of the conclusion of Safaricom’s fiscal year in March 2024, Ndegwa’s Safaricom shares had increased from 895,000 to 6.21 million.

These shares are now worth an estimated Ksh 107.4 million after trading at Ksh 17.30 on the Nairobi Securities Exchange.

Safaricom’s stock price has fluctuated between 11.50 and 21.15 per share over the last year.

At the highest price range of 21.15, Ndegwa’s Safaricom stock would be worth Ksh 131.3 million.

At a minimum, they would be valued Ksh 71.4 million With Safaricom paying out a total dividend of one shilling and twenty cents per share for the entire year 2023, Ndegwa’s holding would have earned him a maximum of Ksh 7.45 million in dividends alone.

This holding would pay Ksh 4 million in dividends based solely on the final dividend payout of 65 cents announced at the end of the preceding fiscal year.