Saturday, September 23, 2023

Breakdown of over Sh. 200 million salary Paul Russo earns as KCB CEO

KCB Bank Group chief executive officer Paul Russo has joined the rank of Kenya’s highest paid executives.

This comes nearly a year after he took over the leadership of the second largest bank in Kenya. Mr. Russo succeeded former CEO Joshua Oigara.

Latest salary earnings show that Mr. Russo took home an annual gross pay of Sh. 217.4 million.

This salary included 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.

How Joshua Oigara abandoned Sh. 300 million salary by quitting as KCB CEO

Russo’s salary is however less than what his predecessor Oigara earned. In the previous 2021 financial year for instance, Oigara was reported to have enjoyed a 217 per cent jump in his earnings.

This was equivalent to Sh. 252.3 million which pushed his annual pay to Sh. 368.5 million.  Although his annual basic pay remained at Sh. 76.4 million, Oigara 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 also saw his non-cash benefits—medical insurance cover and club membership—rise from Sh. 300,000 to Sh. 1.6 million.

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