South African billionaire and business executive Stephen Saad, the founder and Group Chief Executive of Aspen Pharmacare Holdings, Africa’s largest pharmaceutical company, saw a slight decrease in his total compensation for 2023.
According to the company’s annual report, Saad received a total compensation package of R39.7 million ($2.04 million) in the fiscal year 2023.
This figure marks a 1.53-percent decrease from his previous year’s compensation of R40.32 million ($2.07 million). The decline in Saad’s compensation can be attributed to a confluence of factors stemming from the post-pandemic period.
Aspen Pharmacare faced challenges in its operating environment, resulting in a 24.10-percent decline in profit. Profits dropped from R6.49 billion ($333.01 million) in 2022 to R5.23 billion ($268.34 million) in fiscal year 2023.
Saad’s 2023 compensation package includes a base salary of R9.17 million ($470,775) and a performance-based short-term incentive of R8.34 million ($427,814). This incentive is linked to the exceptional performance of the pharmaceutical company during the fiscal year.
Saad, who founded Aspen in 1997 and serves as its CEO, has played a pivotal role in the company’s journey to becoming Africa’s leading specialty and branded pharmaceutical company. Aspen Pharmacare now operates in over 115 countries, under Saad’s leadership.
Apart from his executive and governance roles in Aspen Pharmacare, Saad also holds a controlling 12.5-percent stake in the company. This ownership equates to 57,151,972 ordinary shares, with a present valuation of R9.75 billion ($500.42 million).
Despite the challenges faced by Aspen Pharmacare Holdings in 2023, Saad’s leadership and continued commitment to the pharmaceutical industry remain instrumental in the company’s ongoing success.
Investors and stakeholders will be closely monitoring the company’s strategies as it navigates the evolving healthcare landscape in Africa and beyond.
