South African businessman Terence Sibiya, the group managing executive at Nedbank Africa Regions at Nedbank Group, one of the continent’s most valuable financial services groups, received a total compensation of R20.7 million ($1.1 million) from the leading lender in 2022.
The compensation package, which highlights his contribution to the group’s financial performance in 2022, exceeded the previous year’s total reward of R18.34 million ($978,472) by 12.62 percent.
This significant increase in his salary can be linked to the group’s robust financial performance in 2022, as Nedbank, recorded a total income of R64.46 billion ($3.47 billion) and a profit of R15.42 billion ($811.7 million) at the end of its 2022 fiscal year.
Sibiya’s 2022 compensation package comprises a base salary of R4.4 million ($235,001) and a performance-based short-term incentive of R8.25 million ($440,218) derived from the bank’s exceptional performance during the fiscal year.
He also received a long-term incentive award of R8 million ($426,833) from the lender, highlighting his dedication to the group and wealth of expertise as a seasoned professional.
Sibiya was appointed Nedbank’s managing executive for the rest of Africa in 2018, and in 2020, he joined the group executive committee, delivering strong and consistent performance.
Since assuming the mantle of leadership as the group managing executive at Nedbank Africa Regions, Sibiya has led Nedbank Group to impressive financial milestones, with the group’s headline earnings soaring by 20 percent from R11.7 billion ($628.18 million) in 2021 to R14.00 billion ($751.67 million) in the fiscal year 2022.
