South African executive Eric Smuts earns $1-million salary from Nampak in 2023

Eric Smuts, South African Executive and former CEO of Nampak Products Limited — Africa’s leading packaging company — received a total compensation of R18.03 million ($0.97 million) at the end of the group’s 2023 financial year, attributed to his contribution to the company’s financial performance.

Smuts — who stepped down as CEO of Nampak on April 20, 2023 — received a compensation package comprising a base salary of R4.73 million ($0.256 million), derived from the African largest packaging manufacturer’s exceptional performance during the fiscal year.

In recognition of his unwavering dedication and wealth of expertise, Smuts also received a long-term incentive award of R13.26 million ($0.72 million) from the packaging company.

Smuts’ 25-year journey leading to pivotal 3-year CEO term

Nampak, Africa’s leading diversified packaging manufacturer, has been listed on the Johannesburg Stock Exchange (JSE) since 1969, operating across 19 sites in South Africa and 14 sites in the rest of Africa.

Smuts boasts extensive experience with a rich background spanning over 25 years in operational and managerial capacities within the manufacturing and packaging sectors — over nine years of which were spent at the C-suite level.

His tenure at Nampak commenced in Jan. 2020, taking the helm as CEO, succeeding André de Ruyter. Notable milestones punctuated his career, particularly during his tenure as Managing Director and subsequently as Group Executive of Nampak’s beverage can enterprises, which ultimately paved the way to his CEO appointment.

Challenging market dynamics put Nampak to the test

However, during Smuts’ tenure, Nampak experienced a decline in revenue by 1.79 percent in the 2023 financial year, dropping from R16.94 billion ($913.59 million) in 2022 to R16.63 billion ($897.25 million) in 2023.

The total assets of the packaging giant also fell by 22.08 percent, plummeting from R17.85 billion ($963.01 million) to R13.91 billion ($750.36 million) due to operational difficulties and challenging market conditions faced by the company.

Despite the financial challenges encountered during his tenure, Smuts’ departure marked the culmination of his extensive career within Nampak, leaving a legacy of strategic leadership within the packaging industry.