James Mworia’s Salary;: Centum Investment chief executive James Mworia has lost his position as the highest paid CEO in Kenya. This is after his salary dipped to Sh. 14.7 million per month or Sh. 177.5 million per year.
His salary cut is attributed to a lower bonus cheque. Now, Mworia is ranked as the fourth highest paid CEO in Kenya.
Centum paid Mr Mworia Sh. 42.3 million in salaries in the period, same as a year earlier, and Sh. 132 million in form of a bonus. The bonus was 24 per cent lower, compared to the previous year’s Sh. 173.7 million.
“The bulk of our remuneration is a bonus, which is linked to realised gains. This means in the years which we have high realised gains you have a high bonus. In the years when the realised gains are low the bonus comes down.
Centum’s total performance bonus for its staff, including executive directors and senior managers, dropped by 19.54 per cent to Sh. 306.3 million from Sh. 380.7 million a year earlier. Salaries for the top managers also dropped 9.03 per cent in the period to Sh. 203 million from Sh. 223.2 million a year earlier.
“The remuneration of executive directors is determined based on remuneration benchmarks in the industry, prevailing market conditions as well as the company’s performance and profitability,” says Centum in the report.
“In the financial year ended March 31, 2018, the performance hurdle rate… was not met and accordingly, no bonus pool has been accrued in relation to the year then ended.”