Telecommunication giant Safaricom PLC is ranked as one of the top employers in Kenya, with its employees taking home handsome wages per month.
In its Annual Report for the fiscal year ending March 2024, the telco showed the number of shares owned by the top executive officers and their salaries.
According to the report, the Group’s CEO, Peter Ndegwa, is the top-paid and enjoys multiple other benefits. Here is the list of the top-paid Safaricom Directors and their shares.
Peter Ndegwa
The CEO’s salary for the year ending March 2024 was Sh94.3 million plus other benefits, including a bonus of Sh134.1 million and non-cash benefits of Sh23.9 million.
Moreover, his shares which are valued at Sh107.41 million based on the current share price of Sh17.30 a share, grew from 895,500 in 2023 to 6,208,543 shares in 2024.
Ndegwa joined Safaricom from Diageo, a global leader in the alcoholic beverages business, where he was serving as Managing Director of Continental Europe.
In his first salary as Safaricom CEO in 2021, he earned a monthly salary of Sh16.79 million. His basic pay for the year ended March 31, 2021, stood at Sh102.3 million.
He then received an additional Sh. 90 million bonus and Sh9.2 million in non-cash benefits. Ndegwa holds an MBA from the London Business School and a Bachelor’s degree in Economics from the University of Nairobi.
He is also a Certified Public Accountant and a member of the Institute of Certified Public Accountants of Kenya (ICPAK).
I earn Sh. 36,000 net salary; how do I pay loans, build a home, support jobless wife?
Dilip Pal
Dilip Pal is the Safaricom Chief Financial Officer (CFO). During the review period, he pocketed Sh58.9 million in salary plus a Sh35.1 million bonus and Sh19.8 million in non-cash benefits. His shares stood at  1,342,105 valued at Sh23.41 million.
Pal joined Safaricom as the Chief Finance Officer in November 2020. He had previously been the CFO of DTAC Thailand, a part of the Telenor Group, since 2017.
He has also held senior finance roles in other organizations including Grameenphone Bangladesh, Vodafone India in Mumbai, Hutchinson Essar, Hindustan Coca Cola Beverages and Tata Tinplate.
He holds a Master’s in Commerce from Calcutta University and a Bachelor of Commerce from Goennka College of Commerce.
Karen Kandie
She is the chairperson of the Risk, Environmental, Social, and Governance Committee. During the review period, her salary at Safaricom was Sh5.8 million in director’s fees plus Sh200,000 in non-cash benefits.
In addition, her shareholding grew to 235,800 shares (Sh4.08 million) in 2024, up from 147,300 shares (Sh2.5 million) in 2023.
Kandie holds a Bachelor of Commerce from the University of Nairobi and a Master of Business Administration from Murdoch University in Western Australia.
Winnie Ouko
Winnie Ouko, a member of the Safaricom board audit committee, earned Sh8.7 million in director’s fees plus Sh300,000 non-cash benefits in 2024.
Her 101,831 shares (Sh1.76 million)at the telco, maintained since 2023. Ouko was appointed a Non-Executive Director on 10th February 2021.
She is the founder and CEO of Lattice Consulting (member of Larive International, nl), a Kenya-based boutique advisory firm.
Rose Ogega
The audit committee chairperson, Rose Ogega earned Sh24.1 million in director’s fees plus Sh800,000 in non-cash benefits. She has 2,000 shares at Safaricom, valued at Sh34,000.