Co-operative Bank paid Gideon Muriuki a whopping Sh376.4 million in the financial year 2018 making him retain his grip as the highest paid Chief Executive Officer (CEO) in Kenya.
This represents an increase of Sh6.4 million from the Sh370 million the CEO pocketed in the previous financial year.
During the 2018 financial year, Muriuki was paid a bonus amounting to Sh271 million. His salary grew by Sh5.6 million from Sh99.8 million in 2017 to Sh105.4 million.
According to Business Daily, this established Muriuki as the highest paid chief executive of all the Nairobi Securities Exchange (NSE) listed companies, a position he has held over the past two years.
This means that the Co-op Bank boss earned more than Sh30 million per month and over Sh1 million per day in the period under review.
Muriuki will also pocket Sh103 million as dividend from the lender from his 1.77 percent stake in Co-op Bank.
When asked about the mind blowing salary, Co-op Bank said it is a reward to Muriuki, who has transformed the bank into Kenya’s third-biggest lender by earnings and assets.
“The group has invested in a performance-driven reward structure, and the board has rewarded tremendous growth and transformation of the bank from a huge loss position of Sh2.3 billion in the year 2001 and an asset base of only Sh25 billion to now one of the largest banks in the region with an asset base of over Sh425 billion,” Co-op Bank told the publication.
“It is a celebrated transformation journey now with the bank for over 18 years as the chief executive officer.”
Muriuki was appointed Coop’s Managing Director in 2001 after he joined the bank in 1996 as a Senior Corporate Manager then Director, Corporate and Institutional Banking in 1999.
He holds a Bachelor of Science degree in Mathematics and is a Fellow of the Kenya Institute of Bankers and was awarded an Honorary Doctorate in Business Management.
He is also Director of Kingdom Securities Limited, Vice-President Africa – International Co-operative Banking Alliance (ICBA), former Chairman, Governing Council of the Africa International University and former Chairman, African Rural and Agricultural Credit Association (AFRACA).
He was voted the CEO of the Year Africa 2014 by the International Banker, 2016 Lion of Judah Award by Evangelical Alliance of Kenya and Mtumishi Bora Award – 2016 by the Kenya Christian Professionals.
He has over 28 years’ experience in banking and finance.
KCB boss Joshua Oigara is in a distant second.
In the financial year 2018, Oigara was paid an incredible Sh. 273 million salary by Kenya’s largest bank. This included his basic salary, allowances and bonuses.
Joshua Oigara’s salary has placed him in the set of the best paid chief executive officers in the country.
Mr Oigara’s 6.6 percent (Sh17 million) pay increase mainly came in the form of a higher bonus of Sh180 million that went up from Sh147 million in 2017, and which more than compensated for a Sh20 million drop in allowances to Sh10 million.
His higher bonus (and total pay package) was in tandem with KCB’s 21.8 percent growth in profit last year to Sh24 billion, the highest-ever earnings reported by a Kenyan bank.
KCB ties bonus payments to achievement of multiple metrics, including the profitability of the group.
The bank’s employees are paid a bonus if they achieve 95 per cent or more on a scorecard of the set targets.
During the year, KCB paid Mr. Oigara as follows:
1). Salary : Sh. 68 million
2). Allowance: Sh. 10 million
3). Gratuity: Sh. 14 million
4). Bonus: Sh. 180 million
In the financial year 2017, Joshua Oigara was paid Sh. 256 million.