South African banker Arno Daehnke, the CFO of Standard Bank Group, Africa’s largest lender by assets and a prominent financial services conglomerate on the continent, was rewarded with a compensation package amounting to R43.84 million ($2.32 million) for his pivotal contribution to the group’s robust financial performance in 2022.
This compensation package marks an impressive 84.4-percent increase compared to the previous year’s total reward of R23.76 million ($1.28 million), a leap that closely mirrors Standard Bank’s impressive financial trajectory over the same period.Â
The compensation package includes a base salary of R7 million ($372,000) and a performance-based short-term incentive of R8.2 million ($435,000). This short-term incentive directly results from Standard Bank’s outstanding financial achievements in 2022.
In addition to these rewards, Daehnke received a long-term incentive award of R10 million ($536,959) from the bank. This serves as a recognition of his unwavering commitment to the group and his extensive expertise as a seasoned financial professional.
Daehnke’s career spans over two decades, and he has played diverse roles within Standard Bank Group since joining in 2001. His breakthrough came in 2016, when he was appointed as the group’s financial director, a position he held until his transition to Chief Finance and Value Management Officer on January 1, 2021.
Under his leadership, Standard Bank Group achieved remarkable financial results, achieving a remarkable 37-percent increase in headline earnings from R25.02 billion ($1.7 billion) in 2021 to R34.2 billion ($1.83 billion) in 2022.
During Daehnke’s tenure, the group’s total assets also underwent a substantial increase, growing from R2.725 trillion ($144.5 billion) to R2.88 trillion ($152.54 billion), showcasing his influential role in driving the institution’s growth and financial resilience.
Beyond his executive and governance responsibilities, Arno Daehnke holds a minority stake of 0.012 percent in Standard Bank Group. This translates to 198,966 shares, an investment valued at $2.1 million at the current time. The combination of his stake and compensation package positions Daehnke as one of South Africa’s most prosperous executives.
