By Tolberts Joseph Sibuta
Being a chief executive officer (CEO) of a blue chip company is more than book knowledge. He/she is the highest ranking executive of the company, which means he makes those tough corporate decisions, manages the operations and resources of the corporation and is the link between the company and the board of directors. One of the most outgoing and loved CEO in Kenya was the late Bob Collymore, who until his demise was at the helm of Safaricom. This writer narrows his piece on the top 20 highest paid CEOs in Kenya in 2020. These top executives earn kshs1 million and above per month.
Below is a list of the top 20 highest or best paid Company CEO’s in Kenya 2020, and the past.
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Mr. Gideon Muriuki, the CEO of the Cooperative Bank of Kenya
Mr. Gideon Muriuki is the CEO of the Cooperative Bank of Kenya. The banker has been at the helm of the company since 2001. He is the leading among the highest paid company CEO’s in Kenya, taking home about Kshs. 31.37 million every month, this translates to his Kshs. 376.5 million annual salary. His remuneration includes a salary of about Kshs. 105 million plus a bonus of a whooping Kshs. 271 million.
Joshua Oigara- CEO Kenya Commercial Bank (KCB)
Joshua Oigara, the CEO OF KCB Bank of Kenya is the 2nd highest paid CEO of Kenya. Joshua ‘bounces’ back home with a monthly salary of about Kshs. 22.75 million. This translates to about Kshs. 273 million annual pay. His remuneration includes a salary of Kshs. 68 million, Kshs. 10 million in allowances, Kshs. 14million gratuity, Kshs. 180 million bonus and Kshs. 1 million worth of non- cash benefits. His pay is attributed to the record profits made by the bank.
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Andrew Cowan- CEO East African Breweries Limited (EABL)
Andrew was appointed in July 2016. He is the current director and CEO of East Africa Breweries Limited. Andrew Cowan monthly salary is a staggering kes 9.67 million every month, totalling to an annual salary of Kshs. 116 million.
The humble 50-year-old is the current CEO of Safaricom, the largest telecommunications company in East Africa. He assumed this position after the passing on of the former CEO, Bob Collymore. Michael Joseph had been appointed as the interim CEO before he was picked to steer the behemoth in October 2019. He earns about Kshs. 9 million every month, translating to about Kshs. 108million annual salary.
Allan Kivaluka- CEO KENYA AIRWAYS (KQ)
He is the CEO of Kenya Airways. Allan bags about Kshs. 8.5 million every month. This translates to Kshs. 102 million annual salary, making him the fifth most paid CEO in Kenya.
Jeremy Awori- CEO ABSA (Barclays Bank Of Kenya)
Absa, formally known as Barclays Bank has been on a steady growth path for a while. The current CEO earns a monthly salary of about Kshs. 8.43 million, translating to about Kshs. 101.2 million annual salary. His remuneration includes Kshs. 34.3 million salary, cash bonus award of ksh.24.7 million, deferred cash and a share value plan worth Kshs. 12.5 million and pensions and other benefits worth Kshs. 29.8 million.
Kariuki Ngari-Standard Chartered CEO
His predecessor Lamin Manjang left the company in 2019. During his reign, Manjang annual salary was Kshs 100million and Ksh 19 million in pensions and gratuity. At the time of his departure, he was ranked as the 7th highest paid CEO. This is almost the same amount his successor Kariuki Ngari earns.
Mr John Gachora –CEO National Industrial Credit Bank
Mr John Gachora is on list as the eighth paid outgoing CEO in Kenya. At his helm of leadership, Gachora bagged home Kshs 95.9 million with a basic salary of Kshs 61.6 million.
Benson Wairegi, the CEO of BRITAM Insurance Company
Benson Wairegi, the CEO of BRITAM Insurance Company earns about Kshs. 6.8 million every month. This translates to about Kshs. 81.7 million every year. He receives a salary of Kshs. 63.2 million, gratuity of Kshs. 17.1 million and non- cash benefits of Kshs. 1.2 million as remuneration.
Mr. James Mwangi, the CEO of Equity Bank
Mr. James Mwangi, the CEO of Equity Bank. He won two presidential awards and was named as Forbes Africa person of the year in 2012. James earns a monthly salary of about Kshs. 5.042 million. This translates to an annual salary of Kshs. 60.5 million earned by the Bank. Remuneration includes a salary of Kshs. 56.73 per year and an allowance of Kshs.3.744 million. James Mwangi also happens to control a picket of 5.52% at Equity Group Holdings that owns the bank. Also to note is that his salary has remained uniform for the last four years.
Mr. Frank Ireri, the former CEO of Housing Bank
Mr. Frank Ireri, the former CEO of housing bank earned a monthly salary of about Kshs. 5.999 million. This translates to an annual salary of Kshs. 64.5 million earned by the Bank. Remuneration includes a salary of Kshs. 44.73 million per year and an allowance of Kshs.3 million.
Beverley Spencer obatoyinbo CEO BAT Kenya
She is the first highly paid woman CEO to make it on this list. Beverley was appointed as the Managing Director and CEO at the British American Tobacco Kenya in May 2017, a role that she has played so well up to date. She earns a monthly salary of about ksh.5 million, translating to an annual salary of ksh.60 million from the cigarette and Tobacco Company
James Mworia, the CEO of Centum, Kenya
The 42 year old CEO of Centum earns a monthly salary of Kshs. 3.75 million every month, translating to about Kshs. 45 million every year. He has benefited mostly from Centum’s generous employee performance bonus scheme.
Rebecca Maino, CEO CEO Kenya Electricity Generating Company (KenGen)
She is the second highly paid female CEO on this list; as well as the sixteenth paid CEO Rebecca earns a monthly salary of about ksh.2.5 million, translating to an annual salary of approximately Kshs 39 million from the power generating company.
Ronald Karauri, the CEO of Sportpesa
Mr. Ronald Karauri, the CEO of Sportpesa is 16th on the list. The 43 year old lives a flamboyant life and rides posh cars, such as the state of the art Range Rover sport. It’s of no wonder that he is one of the wealthiest Company Directors in Kenya. Ronald James earns a monthly salary of about Kshs. 2.0 million. This translates to an annual salary of Kshs 38 million earned by the company. Richard also happens to control a percentage on the total incomes earned by the company.
Arvinder Reel, CEO Toyota Kenya
Arvinder Reel is the CEO of Toyota Kenya. He is the managing director as well. Reel is one of the wealthiest and top most paid CEO’s in Kenya. On record, he is the 18th highest earning officer. He earns a monthly salary of about Kshs. 1.98.0 million. This translates to an annual salary of Kshs 32 million earned by the company. He also gets allowances, extension fee and remunerations from Toyota.
Bruno Pescheux, CEO Bamburi cement
Bruno Pescheux, CEO Bamburi cement was appointed CEO in July 2014. He has served the company for a period of 5 years. He is as well a member on the board of directors for the company, this according to the standard paper. 2019. He earns about Kshs. 1.77million every month, translating to about Kshs 27million annual salary.
Sameer Merali, CEO Sameer Africa, Kenya
Sameer Merali is the CEO of Sameer Africa, Kenya. This is a leading conglomerate company in Kenya and has regional outlets. In Kenya, the company has over 15 branches, dealing in Finance, information and agriculture. Merali holds an M.Sc in Banking and international finance and a B.Sc hons in management sciences, both from the University of London. Sameer earns a monthly salary of about Kshs. 1.42 million. This translates to an annual salary of about Kshs27 million. Remuneration includes a salary of Kshs. 11.73 million per year and an allowance of Kshs1.744 million.
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