Nedbank Boosts CEO Pay 10% as New Customers Help Increase Profit
Nedbank Group Ltd. (NED), the South African lender controlled by Old Mutual Plc (OML), increased the 2012 pay of Chief Executive Officer Mike Brown by 10 percent to 28.7 million rand ($3.1 million) after profit rose.
Brown, 46, received a guaranteed package of 6.2 million rand, short-term incentives of 11.5 million rand and long-term share-based awards of about 11 million rand, according to the Johannesburg-based lender’s annual report published today. Brown was paid 26.1 million rand in 2011.
Nedbank said on Feb. 25 full-year profit climbed 20 percent to 7.8 billion rand after the lender lured more than half a million new clients. While larger rivals Absa Group Ltd. (ASA) and Standard Bank Group Ltd. (SBK) cut staff numbers, Nedbank created 450 jobs and expanded outside South Africa’s biggest cities to increase its share of the low-income market.
Absa, which reported a 13 percent decline in profit in 2012, paid CEO Maria Ramos 16.7 million rand for the period, according to the Barclays Plc-controlled bank’s annual report. Separately, Ramos was awarded 5.5 million rand last month from a management retention program set up in 2010.
To contact the reporter on this story: Renee Bonorchis in Johannesburg at firstname.lastname@example.org
To contact the editor responsible for this story: Dale Crofts at email@example.com