South African executive Mark Steyn, the CFO of Bidvest — a leading South African services, trading, and distribution group — received a compensation package totaling R28.09 million ($1.5 million) for his key role in the group’s impressive financial performance in 2023.
Steyn’s 2023 compensation package is 52.85-percent higher than the previous year’s package of R18.38 million ($0.96 million), thanks to the group’s exceptional financial results, underscoring his pivotal role in the company’s outstanding performance.
His compensation package comprises a base salary of R7.04 million ($0.37 million), augmented by a short-term incentive of R0.47 million ($0.021 million) and a long-term incentive amounting to R9.88 million ($0.52 million).
From long-term loyalty to strategic leadership: Steyn’s journey at Bidvest
Founded in 1988, Bidvest is a global company with diverse business interests spanning services, freight, financial services, branded products, commercial products, and automotive sectors. Operating in South Africa, the UK, Ireland, Spain, and Australia, Bidvest oversees more than 250 businesses with a workforce exceeding 125,000 employees.
Steyn became Bidvest’s CFO in March 2018 after joining the company in May 1997. He held various financial roles within Bidvest Freight before being appointed CFO in 2012.
Apart from his board position and membership in divisional audit committees, Steyn serves as a trustee for the group’s retirement funds. Additionally, he became a non-executive director of the Adcock Ingram board on April 1, 2023.
Steyn’s stake, valued at $0.51 million, reflects dedication to Bidvest’s long-term growth
Under Steyn’s leadership, Bidvest experienced significant financial growth in 2023. Its total assets surged from R96.02 billion ($5.05 billion) to R107.51 billion ($5.66 billion), marking an impressive 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). The group’s gross profit surged by 11.28 percent, rising to R33.34 billion ($1.75 billion) from R29.96 billion ($1.58 billion) in 2023.
In addition to his executive role, Steyn demonstrated commitment to Bidvest’s success by holding a 0.012-percent stake in the company. This comprises 40,786 shares valued at R9.79 million ($0.51 million), affirming his dedication to Bidvest’s ongoing growth and expansion
