Home » South African executive David Cleasby takes home $2.2-million salary in 2023

South African executive David Cleasby takes home $2.2-million salary in 2023

Cleasby's jaw-dropping $2.2-million payday revealed

by Feyisayo Ajayi
David Cleasby

South African executive David Edward Cleasby, the chief financial officer and executive director of Bid Corporation Limited — a South Africa-based international broad-line food service group  — received a compensation package totaling R42.65 million ($2.25 million) at the end of the group’s 2023 fiscal year.

Cleasby, who has been Bidcorp’s CFO since April 2016, saw a notable 27.6-percent increase in his remuneration compared to the previous year, reaching R33.42 million ($1.76 million). This underscores his role as a seasoned business executive in the international food service group.

The compensation package includes a base salary of R7.4 million ($0.39 million), a performance-based short-term incentive of R0.18 million ($0.09 million), and long-term incentives totaling R21.04 million ($1.11 million). These figures highlight Cleasby’s significant contributions to Bidcorp’s achievements and success.

Cleasby’s visionary drive: Bidcorp’s global footprint in food service

Bid Corporation, listed on the Johannesburg Stock Exchange (JSE), operates globally across five continents, with a focus on foodservice. The company holds a diverse portfolio with strong market positions, providing significant growth opportunities.

Cleasby brings a wealth of experience to his CFO role. A former financial director at Rennies Terminals before Bidcorp’s 1998 acquisition of Rennies Group, he joined the Bidvest corporate office in 2001, holding key positions in group finance and investor relations.

In 2007, he became Bidvest’s financial director, managing the group’s investment portfolio. He transitioned to his current role as Bid Corporation’s CFO on April 14, 2016.

Beyond the boardroom: Cleasby’s $6.7-million investment reflects confidence in Bidcorp’s future

Under Cleasby’s leadership, Bidcorp experienced significant financial growth in the 2023 fiscal year. Its profits surged impressively by 38.4 percent, reaching R10.51 billion ($553.58 million) from R7.59 billion ($399.87 million) in 2022.

Moreover, total assets climbed to R106.64 billion ($5.62 billion) from R79.57 billion ($4.19 billion), accompanied by a 33.4-percent increase in revenue, reaching R196.34 billion ($10.34 billion) from R147.14 billion ($7.75 billion). 

In addition to his executive role, Cleasby owns a 0.084-percent stake in Bidcorp, equivalent to 281,400 shares valued at R126.95 million ($6.7 million), demonstrating his vested interest in the company’s ongoing success.

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