15.7 C
Kenya
Monday, September 23, 2019
  • NEWS

Salary and allowances James Mworia earns as Centum CEO

Must Read

DCI: Vehicles in this list are stolen or illegally registered

DCI Kenya: The Directorate of Criminal Investigation(DCI) on Friday released a list of vehicles suspected to be stolen or...

Japan to build new Sh. 46 billion Likoni bridge

A new super bridge is set to be constructed at the Likoni ferry channel to connect with Mombasa. The...

BRT buses’ lane on Thika Superhighway to cost Sh. 5.8 billion

BRT Buses Kenya: BY BUSINESS DAILY: Taxpayers will spend Sh. 5.8 billion to construct a lane for high-capacity buses...

James Mworia’s 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.

- Advertisement -

Leave a Reply

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

Latest News

BRT buses’ lane on Thika Superhighway to cost Sh. 5.8 billion

BRT Buses Kenya: BY BUSINESS DAILY: Taxpayers will spend Sh. 5.8 billion to construct a lane for high-capacity buses...

Japan to build new Sh. 46 billion Likoni bridge

A new super bridge is set to be constructed at the Likoni ferry channel to connect with Mombasa. The new Likoni bridge will be...

BRT buses’ lane on Thika Superhighway to cost Sh. 5.8 billion

BRT Buses Kenya: BY BUSINESS DAILY: Taxpayers will spend Sh. 5.8 billion to construct a lane for high-capacity buses along Thika Road in a...

Why your car is consuming more fuel than normal

Fuel Consumption of Toyota Fielder, Fuel consumption of Toyota Premio or fuel consumption of any vehicle: why is it too high? Why is it...

Mercedes Benz club ladies to hold safety drive in Nairobi

She's Mercedes: The She's Mercedes ladies will this Saturday hold a safety drive within Nairobi and its environs. The drive is scheduled to start...

More Articles Like This

- Advertisement -
%d bloggers like this: