South African banker Mike Thomas Brown (Mike Brown), the CEO of NedBank Group, one of the continent’s most valuable financial services groups, received a total compensation of R43.7 million ($2.35 million) from the leading lender in 2022.
The compensation package, which highlights his contribution to the group’s financial performance in 2022, exceeded the previous year’s total reward of R39.31 million ($2.11 million) by an impressive 11.17 percent.
This significant increase in his salary can be linked to the group’s robust financial performance in 2022, as NedBank, under the leadership of Brown recorded a total income of R64.46 billion ($3.47 billion) and a profit of R13.34 billion ($717.7 million) at the end of its 2022 fiscal year.
Brown’s 2022 compensation package comprises a base salary of R9.7 million ($515,269) and a performance-based short-term incentive of R17 million ($912,456) derived from the bank’s exceptional performance during the fiscal year.
He also received a long-term incentive award of R17 million ($912,456) from the lender to acknowledge his unwavering dedication to the group and his wealth of expertise as a seasoned professional.
Brown is a name that resonates throughout the corridors of Nedbank Group, a financial giant that has cemented its position as one of Africa’s largest banking groups.
Brown has effectively held the reins as CEO and executive director of Nedbank Group since his appointment in 2010.
The South African multimillionaire banker and executive, who also occupies a position on Nedbank Group’s board, ranks as one of the country’s most affluent executives. His ascent to the CEO role in March 2010 came after six years as the chief finance officer of Nedbank Group, a position he assumed in 2004.
Since assuming the mantle of CEO, Brown has led Nedbank Group to impressive financial milestones, with the group’s headline earnings soaring by 20 percent from R11.7 billion ($628.18 million) in 2021 to R14.00 billion ($751.67 million) in the fiscal year 2022.
The lender’s total assets have consistently expanded in recent times, rising from R1.21 trillion ($64.97 billion) in 2021 to R1.25 trillion ($67.11 billion) in 2022.
Besides his executive and governance roles, Brown owns a minority 0.020-percent stake in the leading lender, which translates to a total of 911,740 shares—a stake presently valued at nearly $11 million.
