Kenyan banker John Gachora, the group managing director and CEO of NCBA Group, one of the leading financial services groups in the largest economy in the East African Community, received a total compensation of Ksh147.73 million ($1 million) from the leading lender in 2022 due to his pivotal role in the group’s financial performance.
The total compensation for 2022 exceeded the previous year’s total reward of Ksh78.70 million ($534,000) by 87.70 percent. This was driven by the group’s robust financial performance in 2022, with its profit after tax increasing from Ksh10.22 billion ($69.3 million) in 2021 to Ksh13.78 billion ($93.4 million).
Gachora’s 2022 compensation package comprises a base salary of Ksh89.63 million ($608,374) and a performance-based short-term incentive of Ksh40 million ($271,450) derived from the bank’s exceptional performance during the fiscal year ending December 2022.
He also received a long-term incentive award of Ksh18.09 million ($122,728) from the Nairobi-based financial services conglomerate with subsidiaries in Kenya, Tanzania, Uganda, and Rwanda to acknowledge his unwavering dedication to the group and his wealth of expertise as a seasoned professional.
Gachora is a name that resonates throughout the corridors of NCBA Group. This financial giant has cemented its position as one of the leading financial services groups in the East African region. Gachora has effectively held the reins as CEO and executive director of NCBA Group since his appointment in 2019.
The Kenyan executive, who also occupies a position on NCBA Group’s board, was initially appointed group managing director and group CEO of NIC Bank Group in September 2013 before the merger of NIC Group Plc and Commercial Bank of Africa Limited in 2019.
His ascent to the CEO role in Sept. 2019 came after six years of appointment as group managing director and group CEO of NIC Bank Group. His tenure was marked by the group’s attainment of numerous milestones.
Since assuming the mantle of CEO, Gachora has led NCBA Group to impressive financial milestones, with a strong performance in 2022 as the group achieved a profit after tax of Ksh13.78 billion ($93.4 million), which enabled the board of directors to recommend a total dividend payout of Ksh7 billion ($45.51 million) for the 2022 fiscal year.
Apart from his executive and governance roles, Gachora owns a minority 0.14-percent stake in the leading financial group, which translates to a total of 2,364,255 ordinary shares — a stake presently valued at nearly Ksh88.3 million ($600,000).