23 C
Sunday, July 5, 2020

Salary James Mworia earns as CEO at Chris Kirubi’s Centum

Must Read

Kenyans to pay Sh. 5 million fine for failing to report bribery

Bribery in Kenya: Kenyans who fail to report incidents of bribery to the Ethics and Anti-corruption commission will be...

Harambee Sacco starts issuing Visa cards to members

Harambee Sacco Visa: One of the leading Savings & Credit Co-operatives in Kenya, Harambee Sacco has today launched instant...

Jalang’o: I have received 6 job offers after losing my job at Milele

Jalang'o Latest News: Popular comedian and radio presenter Jalang'o has come out to say that he is in the...

James Mworia Salary: A few years ago, Centum CEO, James Mworia, was ranked as the highest paid chief executive officer in Kenya. Of late, though, Mr. Mworia’s salary fortunes have dwindled. He is no longer Kenya’s best paid CEO.

In the company’s latest report, Mr. Mworia’s pay dropped by 75 percent to Sh. 45 million last year after he missed out on bonus earnings for failing to meet the set annual performance targets.

In the previous year, he had taken home Sh. 177.6 million or an equivalent Sh. 14.7 million per month. This pay included a bonus of Sh. 132 million.

The shocking salary and allowances Joshua Oigara earns as KCB CEO

“Centum’s bonus scheme is based on creation of a cash return on assets at a rate greater than that of the market, excluding revaluation of assets. The investment firm’s cash returns for the year failed to hit the minimum threshold required to trigger bonus payments for employees. The generous bonus system is designed to act as an incentive for staff to produce at their optimum level and in turn get rewards for growing shareholder funds,” says a report that appeared in the Business Daily.

During the year under which Mworia earned Sh. 45 million, Centum’s net profit rose by 48 percent to Sh. 4.12 billion. This rise was driven by a Sh. 3.3 billion gain in fair value of property and land. But investment income fell from Sh. 3.5 billion to Sh. 3.2 billion due to lower interest earnings and reduced dividends.

“The firm has, however, made subsidiary sales this year in its beverage bottling and distribution business (Almasi Beverages Limited (ABL) and Nairobi Bottlers Limited (NBL) for Sh. 19.5 billion), which should reflect in subsequent financials and possibly trigger future staff bonuses. This is the second straight year in which James Mworia’s salary has gone down. The Sh. 177.6 million pay for the year to March 2018 represented a reduction of 19 percent on the previous year’s package of Sh. 219.2 million. The bonus vests over a period of three years, a structure that saw some senior managers get paid Sh. 56 million in bonuses accrued from previous years,” says the report. James Mworia Salary.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.


Latest News

Consumers Facing Financial Uncertainty Under Covid-19, New Report Shows

Consumers shrinking wallets have sparked drastic shifts in spending, purchasing habits, and routines as they try to cope with...

Equity Bank takes Sh. 5.3 billion World Bank loan

IFC World Bank: Equity Bank Kenya has received  Sh. 5.3 billion loan from the World Bank's private lending arm International Finance Corporation (IFC). This...

TerryAnne Chebet quits general manager job months after appointment

TerryAnne Chebet Job: Popular media personality TerryAnne Chebet has quit her top position as the general manager of the business oriented television station, Metropol....

State goes after Kiunjuri’s accounts over money laundering

Kiunjuri Wealth: Former cabinet secretary for agriculture Mwangi Kiunjuri is in soup. This follows the latest move by a State agency to probe him...

Public Hospitals To Recieve PPEs from Kenya COVID-19 Fund for use by healthcare workers

The Kenya Covid-19 Fund Board, in partnership with Equity Group Foundation (EGF), has embarked on the distribution of locally manufactured PPEs to public hospitals...

More Articles Like This

- Advertisement -