Barclays’s Absa CEO Sees Pay Drop 19% to $1.8 Million Last YearRenee Bonorchis
Absa Group Ltd., the South African lender controlled by Barclays Plc, paid Chief Executive Officer Maria Ramos 16.7 million rand ($1.8 million) in 2012, 19 percent less than the previous year.
The basic salary of Ramos, 54, was little changed at 6.1 million rand, while she also received a long-term incentive award valued at 10 million rand, according to the Johannesburg-based lender’s annual report published today. Separately, Ramos was awarded 5.5 million rand last month from a management retention program set up in 2010 plus incentives of 8 million rand in June.
Ramos, who gave up a cash bonus for 2012, described Absa’s earnings as “disappointing” on Feb. 12 after the bank missed its own targets as home loans soured and full-year profit declined 13 percent to 8.39 billion rand. Absa last year agreed to buy most of Barclays’s African assets for 18.3 billion rand in shares, boosting the U.K. lender’s stake in the South African bank to 62.3 percent.
Absa deputy CEO Louis von Zeuner, who resigned at the end of last year, received 23.9 million rand in 2012, including a special retention payment of 12.4 million rand, the bank said.
Absa has dropped 4.8 percent in Johannesburg trading this year, making the stock the worst performer on the six-member FTSE/JSE Africa Banks Index, which gained 1.7 percent.