Kenya’s Top-Paid CEOs of 2024: Salaries and Bonuses Revealed
The highest-paid Kenyan chief executive officers (CEOs) in 2024 include seasoned corporate executives who take home millions in salaries and bonuses annually.
Among those topping the charts are CEOs from different sectors, including banking, telecommunications, and real estate.
The top earners are the Co-operative Bank managing director Gideon Muriuki, Equity boss James Mwangi, Safaricom’s Peter Ndegwa, and Centum’s James Mworia.
Highest-paid Kenyan CEOs
1. Gideon Muriuki – Co-op Bank
Gideon Muriuki is the group managing manager (MD) and CEO of Co-operative Bank.
According to Daily Nation, Muriuki makes KSh 1.2 million daily, translating to over KSh 36 million monthly.
When bonuses were factored in, Muriuki earned KSh 428.2 million in the financial year 2022/2023.
The experienced banker joined the lender in 1996 as a senior corporate manager and steadily climbed up the ladder to become the MD.
2. Peter Ndegwa – Safaricom
Safaricom PLC paid the director’s remuneration amounting to over KSh 534 million for the year ending March 2023.
Safaricom CEO Peter Ndegwa received more than half of the total remuneration, amounting to KSh 313 million.
The CEO received KSh 95.24 million in annual salary plus KSh 196.27 million in bonuses and non-cash benefits, totaling KSh 21.6 million.
Ndegwa is the first ever Kenyan to head the giant telecommunications company.
3. Paul Russo- KCB
Paul Russo, the CEO of KCB Bank Group, has risen to be ranked at the top of Kenya’s executive salary list.
This came after he replaced Joshua Oigara.
Russo earned a gross compensation of KSh 217.4 million last year, as reported by Bizna Kenya.
This included an annual salary of KSh 72.7 million, a bonus of KSh 99.3 million, and a deferred payment of KSh 24.8 million.
4. James Mwangi – Equity
James Mwangi, the CEO of Equity Bank Group, is among the highest-paid corporate executives in Kenya.
According to Business Daily, Mwangi’s pay as Equity CEO increased by 49% to KSh 213.64 million in the fiscal year 2022, including a bonus of KSh 53 million.
His income rose by KSh 71 million from KSh 143 million in 2021.
5. John Gachora – NCBA
After NCBA Group posted a 35% rise in profits to KSh 13.78 billion, the lender increased MD John Gachora’s annual pay by 87.7% to KSh 147.73 million.
This included a KSh 40 million bonus.
6. Jane Karuku – EABL
Karuku is the managing director and CEO of East African Breweries Limited (EABL).
EABL’s 2023 annual report showed Karuku a total of KSh 126.37 million.
This included KSh 66.8 million in bonuses and KSh 9.67 million in allowances and benefits.
7. James Mworia – Centum
In the year ended March 2023, Centum Investments CEO James Mworia earned KSh 45.5 million in annual salary.
The company added KSh 3.3 million to his salary as a pension, taking his total pay to KSh 48.8 million.
The directors’ remuneration report details are in the Centum 2023 integrated report.
Which companies paid dividends?
Kenyan companies in different sectors announced huge returns for investors in terms of dividends paid on shares for the year ending December 2023.
Safaricom shareholders bagged a dividend payout of KSh 23. 03 billion, paid at KSh 0.55 per share In the banking sector.
NCBA Bank paid KSh 4.75 per share, while Kakuzi PLC paid KSh 14. 2 per share in the agricultural sector.
Kenya’s Top-Paid CEOs of 2024: Salaries and Bonuses Revealed
