Home » South African exec Iolanda Ruggiero earns $1.1-million salary from Nedbank in 2022

South African exec Iolanda Ruggiero earns $1.1-million salary from Nedbank in 2022

Ruggiero's compensation surges above $1 million amid Nedbank Group's stellar financial year

by Feyisayo Ajayi
Iolanda Ruggiero

South African executive Iolanda Ruggiero, the group managing executive of Nedbank Wealth, a subsidiary of Nedbank Group, received a total compensation package of R20.7 million ($1.1 million) from the Sandton-based lender in 2022.

The compensation package marked a considerable surge of 13.31 percent from the previous year’s total reward of R18.27 million ($0.98 million), reflecting her pivotal role in driving Nedbank Group’s outstanding financial performance in 2022.

Ruggiero’s 2022 compensation package comprises a base salary of R4.5 million ($0.24 million) and a performance-based short-term incentive of R8.25 million ($0.44 million). She also received a long-term incentive of R8 million ($0.43 million) from Nedbank — underscoring his commitment and expertise in steering the group’s success.

Inside Nedbank Group’s diverse offerings and Ruggiero’s 19-year journey to success

Nedbank Group, a financial institution in South Africa, offers a comprehensive range of services, including wholesale and retail banking, insurance, asset management, and wealth management. Its subsidiary, Nedbank Wealth, plays a key role in executing these diverse financial functions.

Ruggiero has navigated a distinguished career path within Nedbank, accumulating over 19 years of experience. She has assumed pivotal roles in both Nedcor Investment Bank and Nedbank Retail, contributing significantly to the institution’s success and growth.

Executive leadership excellence: Ruggiero’s remarkable contributions to Nedbank Wealth

With an extensive background spanning over two decades in financial services, Ruggiero assumed the role of chief operating officer at Nedbank Wealth in 2006. During this tenure, she played a pivotal role in orchestrating the seamless integration of private clients, Nedbank Group Life, and Fairbairn Private Bank into the Nedbank Group.

As the group managing executive at Nedbank Wealth, Ruggiero’s leadership was instrumental in driving remarkable growth. With her contribution as an executive, Nedbank Group’s headline earnings experienced a notable surge of 20.19 percent, rising from R11.7 billion ($0.63 million) in 2021 to R14.05 billion ($0.76 million) in the fiscal year 2022. 

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