SA’s Top-Earning CEOs From Companies Like Naspers, Standard Bank and Others Earn From R152k to R588k per Day

• The CEOs of SA's top JSE-listed companies raked in a lot of money in the 2022/23 financial year
• While South Africa has been under economic stress, the execs were paid the big bucks to ensure their companies didn't feel the brunt
• Some top companies, including Naspers, African Rainbow Minerals and MTN Group, revealed how much their business heads were paid

While times have certainly been tough for many households in South Africa in the last year or so, at least the country's top CEOs have been laughing all the way to the bank.

The business heads work overtime to ensure their companies ride the waves of economic instability, political uncertainty and encroaching levels of inequality. This is why they are paid the big bucks.

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Across banking, mining, technology and telecommunications sectors, several Johannesburg Stock Exchange (JSC)-listed companies have revealed how much their top executives earned in 2022. Briefly News looks at which heavy hitters brought home the most dough.

1. Jens Montanana - Datatec (R215.67 million)

Topping the list of the best-paid South African CEO is Jens Montanana from Datatec, who brought home R215.7 million in the 2022/23 financial year, Mybroadband reported.

While the tech magnates may not be well known, Datatec is a South African-based information and communications technology company that operates in 50 countries worldwide.

Montanana's paycheck in 2022 may have been the highest among SA CEOs. However, 75% of his total remuneration comprised long-term incentives.

Long-term incentives are awarded to executives for reaching specific goals that lead to increased shareholder value.

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2. Neal Froneman - Sibanye-Stillwater (R198.03 million)

Neal Froneman, the CEO of Sibanye Stillwater Mines, has always been a high earner, and 2022 was no different. The executive head of the mining giant earned a cool R198.03 million, which averages at R542 553 per day.

Most South Africans would kill to make over R100m in a year, but Froneman's latest yearly remuneration starkly contrasts the R300 million he earned the year before.

When the mining CEO's 2021/22 earnings were announced, trade unions seethed as Sibanye mineworkers' pleas for better wages fell on deaf ears.

Responding to the backlash, Froneman claimed the majority of his earning stemmed from shares, which shareholders bore the brunt of, Miningmx reported.

3. July Ndlovu - Thungela Resources (R129.46 million)

Coming in strong as the third-highest-paid CEO in 2022 is July Ndlovu. Ndlovu is the head of Thungela Resources, a mining company that produces and exports high-quality, low-cost thermal coal.

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The mining CEO banked a whopping R129.46 million at the end of the 2022/23 financial year. The mining industry in SA has been doing very well in recent years.

Speaking to BusinessDay, Ndlovu put this down to the stellar earnings enjoyed by the mining industry due to Europe importing more coal from South Africa after banning imports from Russia due to the nation's war on Ukraine.

A direct link isn't clear, but perhaps the increased international demand for South African coal is the reason behind Ndlovu's fat paycheck.

4. Bob van Dijk - Naspers/ Prosus N.v ( R107.2 million)

As the CEO of South Africa's media giant Naspers and Prosus NV, Dutch businessman Bob van Dijk had a very lucrative year in 2022.

While taking on the helm of two entities, Van Dijk brought home an impressive R107.2 million in the 2022/23 financial year.

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Like many other CEOs on this list, Van Dijk's most recent remuneration shrank significantly from R269.48 million the previous year.

Vand Dijk's remuneration package comprised a base salary of approximately R25.7 million and short-term incentives valued at R17 million.

5. Mike Schmidt - African Rainbow Minerals (R87.62 million)

Leaving the R100 million and above earners, we come to Mike Schmidt, the African Rainbow Minerals chief executive.

As the head of SA billionaire Patrice Motsepe's mining company, Schmidt earned R87.62 million in the last financial year. While the mining CEO's payday was significantly lower than the CEOs' higher up on this list, Schmidt effectively earned R240 000 a day.

6. Ralph Mupita - MTN Group (R77.46 million)

MTN Group is a household name in South Africa. Perhaps less commonly known is the telecommunications giant, Ralph Mupita.

While Mupita's remuneration was cut in 2022, the CEO earned R77.46 million in 2022, slightly less than the R84.2 million he made in 2021.

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7. Sim Tshabalala - Standard Bank (R55.69 million)

Coming in last on the list is Standard Bank CEO Sim Tsabalala. While Tshabalala made the least out of all the CEOs covered, he is certainly not the biggest loser.

Raking in R55.69 million in 2022, the Standard Bank executive head still made a reasonably high amount of money.

Tshabalala effectively made R152 575 per day in the previous financial year, BusinessTech reported.

Capitec CEO Gerrie Fourie made equivalent of R170K daily in 2022/23 financial year, remuneration report shows

In a similar story, Briefly News reported that 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.

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

Source: Briefly News