Standard Bank CEO's get huge pay increase following profit rise

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The combined compensation for Standard Bank’s joint CEOs Sim Tshabalala and Ben Kruger rose 43% after full-year profit climbed by a third.

Bloomberg News reports that Kruger’s total pay was $2.1m, including incentive awards amounting to $1.5m, giving the CEO an increase of 61% from a year earlier, according to the bank’s annual report published on Monday. Tshabalala’s total pay was $2.1m, including annual incentives of $1.5m, giving him an increase of 28%.

After reducing the CEOs’ pay in 2014 following losses at the bank’s London unit, remuneration “has been normalized,” Ted Woods, chairman of the remuneration committee, said in the annual report. The two CEOs “met most expectations fully in 2015,” he said. “Failures were limited in scope,” Woods said, without giving details.

To access the complete Bloomberg News article hit the link below:

Standard Bank's Dual CEOs Get 43% Pay Increase as Profit Rises

Swedbank Profit Stagnated Last Quarter as New CEO Takes Helm

 

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