Home » Former CEO Sarel van Zyl receives salary package of $333,000 in 2021 from FirstRand Namibia

Former CEO Sarel van Zyl receives salary package of $333,000 in 2021 from FirstRand Namibia

by Omokolade Ajayi

Sarel van Zyl, the recently retired group CEO of FirstRand Namibia, earned a total of NAD4.75 million ($333,000) in compensation from the financial services group at the end of its 2020-2021 financial year, which ended on June 30.

Van Zyl, who retired as CEO of the Namibia-based financial services holding company on Sept. 30, 2020, received a salary package of NAD4.75 million ($333,000), including compensation of NAD1.28 million ($89,510) and a short-term incentive package of NAD2.5 million ($177,749).

Compared to the previous year’s pay of NAD8.91 million ($623,147), Awori’s remuneration in 2021 fell by nearly 47 percent, as his long-term incentive for extra days of vacation, paid sabbaticals and stock appreciation rights declined by almost 97 percent.

Figures contained in the bank’s 2021 annual report revealed that his salary package fell from NAD8.91 million ($623,147) in 2020 to NAD4.75 million ($333,000).

FirstRand-Namibia is a Namibia-based financial services holding. Since its founding in 1907 as Deutsche Afrika Bank, it has become one of the largest banks in Namibia.

The bank holds a shareholding in First National Bank of Namibia Limited, RMB Namibia and FNB Unit Trusts. As such, all of these divisions form part of the service offering to its customers.

At the end of its 2020-2021 financial year, the financial services group posted a 17.9-percent increase in headline earnings to NAD1.023 billion.

Under Van Zyl, FirstRand-Namibia’s total assets and liabilities grew from NAD26.3 billion ($1.84 billion) and NAD23.5 billion ($1.64 billion) in 2014 t0 NAD43.4 billion ($3.03 billion) and NAD37.8 billion ($2.64 billion) in 2021, respectively.

Meanwhile, headline earnings expanded from NAD785 million ($54.9 million) in 2014 to NAD1.023 billion ($71.6 million) at the end of the 2020-2021 financial year, which ended June 30.

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