Capitec CEO Gerrie Fourie Made Equivalent of R170k Daily in 2022/23 Financial Year, Remuneration Report Shows

• Retail bank Capitec's CEO, Gerrie Fourie, enjoyed a massive payday for the 2022/23 financial year
• The group's remuneration report shows that Fourie earned R62 million, the equivalent of R170k a day
• Crude calculations indicate that Fourie earned 154 times more than the average employee at Capitec

STELLENBOSCH - SA's second-largest retail bank, Capitec, has released its annual remuneration report, revealing that CEO Gerrie Fourie scored a huge payday.

The report details what the bank's top execs earned over the 2023/22 financial year, which ended on 28 February 2023.

Capitec CEO Gerrie Fourie earned R62 million in 2022/23

Fourie raked in an impressive R62.09 million in the last financial year. When broken down, the Capitec chief executive effectively earned a cool R170 109 a day, BusinessTech reported.

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While Fourie enjoyed a massive payday, his earnings were a 33% decrease from the R97.77 million the CEO received in the 2021/22 financial year.

Capitec's other executives earn combined R54.4 million

Here's what the other Capitec execs made in 2022/23:

• Former CFO Andre du Plessis - R31.05 million
• CRO Nkosana Mashiya - R14.4 million
• Current CFO Grant Hardy - R6.9 million

The four executives raked in combined salaries of R114.5 million.

Over 15k Capitec employees earn average of R401k

In contrast, the bank spent R6.2 billion paying its 15 451 employees. When divvied up, that averages around R401 269 per employee.

This means the average executive earned 71 times more than the average employee, while the CEO made 154 times more.

In 2022, Capitec came under fire for the executives' large bonuses while the country was still dealing with the impact of the Covid-19 pandemic, Moneyweb reported.

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South Africans floored by Capitec exec's exorbitant payday

Below are some comments

Christopher Ta-ot Sell said:

"It's actually insane that one person can earn R170 109 per day."

Noel Goliath slammed:

"They make those millions in profits mostly off banking fees. In a country as unequal as ours, nobody should be earning such exorbitant salaries."

Tshepho Raseasala claimed:

"It should be nice being him... While staff on the ground have zero benefits, zero medical aid contributions."

George Economides commented:

"Over R5 million a month. Post-tax, maybe R3 million take-home per month. Just horrible."

Junior Forbes criticised:

"He gets paid R60 million while his hard-working customer agents at the branches get paid R7 000 a month. How nice."

Capitec reveals South Africans are getting poorer as incomes fail to match inflation, SA blames SARB and govt

In another story, Briefly News reported that new data from Capitec has confirmed what South Africans have been feeling for a while: citizens are getting poorer.

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Capitec provides banking services to 20.1 million clients, over a third of the South African population. The bank says its clients became poorer in the financial year that ended in February.

This comes as South African income levels battle to keep up with rising inflation, News24 reported.

Source: Briefly News