In a year marked by operational challenges and financial turbulence for Sibanye-Stillwater, Dawie Mostert, the former chief organizational growth officer of the South African multinational mining group, experienced a substantial 34.26-percent decrease in his 2022 compensation when compared to the prior year.
Mostert’s 2022 compensation amounted to R48.29 million ($2.52 million), primarily attributed to a significant dip in long-term incentives and the company’s earnings slump. The majority of his compensation package stemmed from a long-term incentive award of R39 million ($2.03 million).
The breakdown of his compensation package for 2022 revealed that he received a base salary of R4.73 million ($246,226), coupled with a performance-based short-term incentive of R3.79 million ($197,399), both of which were linked to the company’s fiscal year performance.
This compensation decline follows Mostert’s 2021 earnings of R73.45 million ($3.83 million), underlining a remarkable shift in his remuneration. The reduction in Mostert’s earnings can be attributed to a confluence of factors, including industrial strikes, electrical supply constraints, and severe weather-related flooding that adversely impacted Sibanye-Stillwater’s operations in the United States.
Despite this notable decrease in compensation, Mostert remains a highly respected figure within the mining industry. During his tenure as chief growth officer, he played a pivotal role in the transformation of Sibanye-Stillwater into one of the world’s most diversified metal producers, boasting a robust international presence.
Mostert’s career in South Africa’s mining sector spans over two decades, during which he ascended through the ranks, contributing significantly to the industry’s growth. His recent resignation in August 2023 paved the way for the appointment of Themba Nkosi as his successor.
Under Mostert’s leadership, Sibanye-Stillwater achieved significant financial milestones, propelling the company into a prominent position as a diversified metals producer with a global operational footprint.
However, recent times have seen the company grappling with a significant decline in earnings. In 2022, Sibanye-Stillwater’s headline earnings declined from R36.9 billion ($2.5 billion) in 2021 to R18.4 billion ($1.1 billion). This can be attributed to a substantial 20 percent reduction in revenue, which fell from R138.3 billion ($8.4 billion) in 2021 to R172.2 billion ($11.6 billion) in 2022.
