Richard Stewart, the chief regional officer and executive director at Sibanye-Stillwater, a South African multinational mining group, received a total compensation package of R60.13 million ($3.1 million) from the precious metals mining group in 2022.
Stewart’s 2022 compensation includes a base salary of R5.73 million ($296,780) and a performance-based short-term incentive of R4.70 million ($243,449) linked to the company’s fiscal year performance.
The bulk of his compensation package, amounting to R60.13 million ($3.11 million), comes from a long-term incentive award of R45.83 million ($2.37 million), reflecting his unwavering commitment to the group and extensive expertise as a seasoned industry professional.
His compensation for the year, which amounts to $3.11 million, represents a notable decrease of 15.96 percent compared to his 2021 compensation of R71.55 million ($3.70 million).
The decline in Stewart’s compensation can be attributed to the slump in the group’s earnings spurred by several factors, including industrial strikes, electrical supply constraints, and severe weather-related flooding that impacted its operations in the United States.
Stewart, a highly respected executive within the mining industry, has played a pivotal financial role in Sibanye-Stillwater’s operation as a going concern. With a career spanning more than 22 years and a wealth of experience in South Africa’s financial mining sector, Stewart has been a key player at Sibanye-Stillwater since his appointment in 2014.
As the chief regional officer with a specific focus on the group’s regional operation in Southern Africa, Sibanye-Stillwater has evolved from a small South African gold miner into one of the world’s most diversified metal producers with a strong international presence.
Stewart transitioned to the role of chief regional officer in May 2022 after serving as the group’s chief operating officer from December 2020 to April 2022. Before his COO appointment, he served as the Executive Vice President for Business Development at Sibanye-Stillwater.
Stewart has significantly contributed to the company’s growth strategy. He served on the Gold One Executive Committee from 2009 to 2014 and was appointed Executive Vice President for Technical Services.
However, in recent times, the group has suffered a significant decline in its earnings; in 2022, its headline earnings declined from R36.9 billion ($2.5 billion) in 2021 to R18.4 billion ($1.1 billion) due 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.
