The landscape of banking in South Africa is significantly shaped by its top executives, whose compensation packages reflect both their responsibilities and the financial performance of their institutions.
In recent years, the earnings of bank CEOs have sparked discussions about income disparity and executive pay.
Notably, Fani Titi of Investec leads the pack with an astonishing R175 million annual salary, underscoring the lucrative nature of these high-stakes roles.
In this article, WoA delves into the highest-paid bank CEOs in South Africa, examining their salaries.
1. Fani Tit – Investec
Titi earned R175 million in the 2023 financial year, making him the highest-paid banking executive in South Africa.
This translates to approximately R475,452 per day, nearly double the salary of the second-highest paid CEO, Mike Brown of Nedbank, who earned R92.5 million.
Titi’s compensation reflects both his leadership role and the significant financial performance of Investec during a challenging economic period.
2. Mike Brown – Nedbank
Brown earned R92.5 million in total compensation for the 2023 financial year, marking a 176.4% increase from the previous year.
This amount includes a guaranteed salary of R10.1 million, short-term incentives of R18.275 million, and long-term incentives valued at R53 million.
Over his 14-year tenure, Brown’s total earnings reached approximately R477 million, averaging nearly R100,000 per day.
3. Sim Tshabalala – Standard Bank
Tshabalala earned a total remuneration of R83.3 million for the 2023 financial year, a significant increase from R55.7 million in 2022.
His compensation included R35.7 million from fixed pay and short-term incentives, with nearly R50 million derived from long-term performance rewards.
This equates to approximately R228,230 per day.
The increase was attributed to the bank’s strong financial performance and the vesting of his long-term incentive plan.
4. Gerrie Fourie – Capitec
Fourie earned a total remuneration of R65.74 million for the 2024 financial year, reflecting a 5.9% increase from R62.09 million in 2023.
This amount includes a guaranteed salary of R16.54 million, benefits of R951,000, and a short-term cash incentive of R5.87 million.
Fourie’s earnings translate to approximately R180,109 per day, making him one of the highest-paid banking executives in South Africa.
5. Arrie Rautenbach – Absa
Rautenbach earned a total compensation of R40.03 million (approximately $2.1 million) in 2023.
This figure reflects a 10.6% decrease from his 2022 earnings of R44.78 million.
His 2023 compensation includes a fixed salary of R9.79 million, cash incentives, and performance awards, amounting to about R109,685 per day.
6. Jacques Celliers – FirstRand
Celliers earned a total compensation of R31.9 million (approximately $1.37 million) in 2023.
This amount includes a base salary of R8.7 million and performance-based incentives.
His earnings reflect significant performance incentives tied to the company’s success, with his daily earnings estimated at around R87,458.
