A few years ago, Centum CEO, James Mworia, was ranked as the highest paid chief executive officer in Kenya. His salary rise was in tandem with the growth of Centum Investments which is associated with the late billionaire Chris Kirubi.
Over the three years, Mr. Mworia’s salary fortunes have dwindled. Now a look at the salary James Mworia earns as Centum CEO shows that he is no longer Kenya’s best paid corporate head.
In the company’s most recent remuneration report, Mr. Mworia’s pay dropped by 75 percent to Sh. 45 million after he missed out on bonus earnings for failing to meet the set annual performance targets.
In the previous report, 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.
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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.