KCB Bank Group chief executive officer Paul Russo is one of Kenya’s highest paid executives.
Latest salary earnings show that Mr. Russo took home an annual gross pay of Sh. 177.6 million last year. This was however a dip from the annual gross pay of Sh. 217.4 million that he had taken home the year before.
Russo’s annual salary went up by Sh. 2.34 million to stand at Sh. 75 million. However, Mr. Russo recorded a lower bonus in cash and deferred of Sh. 51.7 million and Sh. 17.2 million respectively, but higher allowances and gratuity of Sh. 9.6 million and Sh. 22.5 million respectively.
In the year before this when he earned the gross salary of Sh. 217.4 million, his pay had included a salary of Sh. 72.7 million, bonus in cash and deferred of Sh. 99.3 million and Sh. 24.8 million respectively. He also got allowances and gratuity of Sh. 5.8 million and non-cash benefits of Sh. 2 million.
Joshua Oigara: Biggest money mistake late Bob Collymore and I made
In that year, Russo’s salary was less than what his predecessor Oigara had earned in his final year at KCB Group. For instance, in the previous 2021 financial year, Oigara was reported to have enjoyed a 217 per cent jump in his earnings.
This was equivalent to Sh. 252.3 million which had pushed his annual pay to Sh. 368.5 million. Although his annual basic pay had remained at Sh. 76.4 million, Oigara had received a Sh. 241.1 million bonus on the back of having guided KCB Bank to a net profit jump of 74 per cent to Sh. 34.2 billion.
He had also seen his non-cash benefits—medical insurance cover and club membership—rise from Sh. 300,000 to Sh. 1.6 million.
