NCBA group CEO John Gachora took home Sh185.76 million in salary in the full financial year 2023, a 25.75 percent jump compared to the Sh147.73 million he earned in the previous year.
The increase was attributed to the group’s robust financial performance in 2023, with its profit after tax increasing from Sh13.78 billion in 2022 to Sh21.46 billion.
Gachora’s compensation package consists of a basic salary of Sh93.48 million and a performance-based short-term incentive of Sh60 million derived from the bank’s exceptional performance during the fiscal year ending December 2023.
He also received a long-term incentive award of Sh21.28 million adding to his overall earnings.
Gachora became CEO of NCBA Group, a financial services conglomerate with subsidiaries in Kenya, Tanzania, Uganda, and Rwanda in 2019 after six years as Group Managing Director and CEO of NIC Bank Group.
How JKIA Adani bad deal contrasts against Rwanda, Ethiopia new airport constructions
He was poached by NIC Bank Group in 2013 from South Africa-based Barclays Africa where he was in charge of the multinational’s corporate and investment banking.
In the financial year to December 2019 Gachora was paid a total of Sh94.9 million, a drop from the Sh. 98 million pay that he got the previous 2018 financial year as the CEO of NIC Bank.
He has previously served as the chief executive officer at Absa Africa, and managing principal, Head of Africa at Absa Capital.
Mr. John Gachora also served as the managing director and head of group at Bank of America Investment Banking, in Charlotte, North Carolina, USA, and as Vice President, Structuring Head at Credit Suisse First Boston, New York, USA.
He takes pride as the first indigenous Kenyan to hold the position of managing director in Wall Street, America’s financial powerhouse.
He holds a Masters Degree in Electrical Engineering and Computer Science from the Massachusetts Institute of Technology, US. He also holds an MBA from The Wharton School, University of Pennsylvania, USA.
