South African exec Richard Wainwright earns $2.7-million salary at Investec in 2023

South African executive Richard Wainwright, Chief Executive Officer of Investec Bank, the Anglo-South African international banking and wealth management group, received a compensation package totaling £2.1 million ($2.57 million) at the end of the group’s 2023 fiscal year.

Wainwright’s 2023 compensation package includes a base salary of £832,000 ($1.02 million) and a performance-based short-term incentive of £1.23 million ($1.5 million). This bonus directly results from Investec’s outstanding financial performance, with profits soaring past the billion-dollar milestone in the 2023 fiscal year.

Since joining the group in 1995, Wainwright has served Investec in various capacities, bringing a wealth of expertise in investment banking, taxation, risk management, and industry knowledge to the billion-dollar Investec Group. His unwavering commitment to the organization has cemented his position as a seasoned financial professional and a respected leader in South Africa’s corporate landscape.

Wainwright assumed the role of CEO of corporate and institutional banking and executive director at Investec Bank Limited in September 2020. Since his appointment, he has been pivotal in steering the group towards financial success in recent years.

Investec, the Anglo-South African international banking and wealth management group, has witnessed a substantial surge in profits, growing from £556.37 million ($696.75 million) at the close of its 2022 fiscal year to a remarkable £817.43 million ($1.02 billion) at the end the 2023 fiscal year. This performance has solidified its position as a major player in the global financial sector.

In addition to his executive and governance responsibilities at Investec, Wainwright also owns a minority 0.14 percent stake in the company, equivalent to 1,352,020 ordinary shares. This and his impressive compensation package solidify his status as one of South Africa’s most affluent and influential corporate executives.

Wainwright’s dedication and strategic vision have undoubtedly contributed significantly to Investec’s continued success, making him a key figure in the world of international finance. His compensation package serves as recognition of his exceptional contributions to the company’s prosperity and his role in shaping the future of Investec.