Home » South African executive Mpumi Madisa pockets $2.4-million salary in 2023

South African executive Mpumi Madisa pockets $2.4-million salary in 2023

Record compensation for Bidvest CEO Mpumi Madisa as company achieves exceptional financial results in 2023

by Omokolade Ajayi
Mpumi Madisa

South African executive Mpumi Madisa, the group CEO of Bidvest — a leading South African services, trading, and distribution group — received a R45.15-million ($2.4-million) compensation package from the leading industrial group in 2023.

Thanks to the group’s outstanding financial results in 2023, Madisa’s compensation package, which underscores her instrumental role in the company’s exceptional financial performance in 2023, reflects a remarkable 33.98 percent increase compared to the previous year’s package of R33.69 million ($1.77 million).

The CEO’s compensation package comprises a base salary of R12.03 million ($0.63 million) and a short-term incentive of R0.52 million ($0.027 million). Additionally, he received a long-term incentive of R12.04 million ($0.63 million).

Bidvest: A Global business powerhouse with Madisa’s visionary impact

Founded in 1988, Bidvest is a leading B2B service, trading, and distribution group. The company operates globally with a diverse portfolio, including business services (Services, Freight, Financial Services) and trading and distribution (Branded Products, Commercial Products, Automotive). With a presence in South Africa, the UK, Ireland, Spain, and Australia, Bidvest has over 250 businesses and a workforce of more than 125,000.

Since assuming the role of CEO in October 2020, Madisa has concurrently served as the chair of UN Global Compact SA and Adcock Ingram. With a history at Bidvest in roles like GM of business development, divisional director, corporate affairs director, and sales & marketing director, Madisa holds directorial positions in Bidvest subsidiaries.

Previously, Madisa was the chief director of the Gauteng provincial government. Joining Adcock’s board in November 2017, she became CEO in October 2020. Madisa took the non-executive Chairperson role at Adcock on Feb. 23, 2021, and later became Chairperson at UN Global Compact SA on May 24, 2022.

Madisa’s strategic vision powers Bidvest to remarkable 14.99-percent revenue surge

Under Madisa’s leadership, Bidvest witnessed substantial financial growth. Its total assets surged from R96.02 billion ($5.05 billion) to R107.51 billion ($5.66 billion), marking a remarkable increase.  

The company also achieved a 14.99-percent rise in revenue, reaching R114.91 billion ($6.04 billion) from the previous year’s R99.93 billion ($5.26 billion). Furthermore, the group’s gross profit experienced an 11.28 percent increase, rising to R33.34 billion ($1.75 billion) from R29.96 billion ($1.58 billion) in 2023.

Beyond her executive role – Madisa demonstrates her commitment to Bidvest’s success by holding a 0.0093-percent stake in the company – equivalent to 31,609 shares valued at R7.55 million ($0.39 million). This solidifies her interest in the growth and expansion  of Bidvest.

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