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South African banker Charles Russon, the chief operating officer of Absa Group, a prominent financial services provider in Africa, received a total compensation of R31.23 million ($1.62 million) for his exemplary leadership in 2022.
This marks a 9.53-percent increase from his 2021 remuneration of R28.51 million ($1.48 million).
Russon, a seasoned banking veteran renowned for his extensive expertise within South Africa’s dynamic financial services sector, has held his pivotal executive role in Absa Group since joining the group in 2006.
His tenure as the COO of Absa Group has been marked by exceptional functional and commercial skills, driving Absa Group’s success even during challenging times.
Throughout his distinguished career, Russon has become a driving force in the South African financial services industry, consistently rising to meet the ever-evolving banking sector’s challenges with exceptional leadership and strategic prowess.
In 2022, Russon’s compensation package comprised a base salary of R6.23 million ($323,986) and a performance-based short-term incentive of R14 million ($728,196), reflecting Absa Bank Group’s exceptional fiscal performance.
Additionally, the South African millionaire banker received a long-term incentive award of R11 million ($571,981) from the financial services group in recognition of his unwavering dedication and wealth of expertise.
Under Russon’s leadership, Absa Group achieved remarkable financial milestones. By the end of the 2022 fiscal year, the group’s headline earnings had risen from R18.59 billion ($974 million) in 2021 to R21.02 billion ($1.1 billion).
This growth was underpinned by a 15-percent surge in revenue, climbing from R85.87 billion ($4.5 billion) to R98.87 billion ($5.18 billion) during the same period.
This financial performance also led to a significant increase in Absa Group’s total assets, which grew from R1.64 trillion ($85.9 billion) in 2021 to R1.79 trillion ($93.7 billion) in 2022, solidifying the group’s position as one of Africa’s largest financial service providers.
In addition to his executive and governance roles, Russon owns a minority stake of 0.018 percent, equivalent to 150,669 shares, in the financial services giant — a stake presently valued at $1.42 million.
