South African executive Simon Crutchley pockets $2.8-million salary in 2023

Feyisayo Ajayi -

Simon Crutchley, South African executive and CEO of AVI Limited — a Sandton-based food and beverage company — received a compensation package of R54.39 million ($2.89 million) in 2023 for his significant role in the company’s impressive financial performance in 2023.

This marks a notable increase of 62.4 percent from the previous year’s total compensation of R33.49 million ($1.78 million), showcasing the significant achievements and financial performance of the food and beverage company under the leadership of Crutchley.

Crutchley’s 2023 compensation comprises a base salary of R13.1 million ($0.7 million), complemented by a performance-driven short-term incentive of R36.94 million ($1.96 million). Additionally, he also received a long-term incentive of R2.69 million ($0.14 million).

Crutchley: From co-founding Otterbea to CEO of AVI Limited

AVI Limited, listed on the Johannesburg Stock Exchange, is home to South Africa’s top brands spanning beverages, snacks, frozen foods, personal care, cosmetics, and fashion, it operates a portfolio of more than 50 brands.

Crutchley, a co-founder of Otterbea International, played a pivotal role in establishing this global trading enterprise based in South Africa. In 1997, he took the reins as managing director of Consol Limited, successfully overseeing its transformative journey.

His journey at AVI began in 1999 when he joined the board, eventually rising to the position of business development director in 2002. In October 2005, Crutchley assumed the position of Chief Executive Officer, guiding AVI to continued growth and success.

AVI Limited: A year of remarkable financial growth under his leadership

Under Crutchley, AVI experienced substantial financial growth in 2023. Total assets increased from R10.2 billion ($535.39 million) to R9.34 billion ($490.41 million), while revenue rose by 7.76 percent, reaching R14.92 billion ($792.8 million) from R13.85 billion ($735.7 million).

In addition to his executive roles, Crutchley holds a 0.25-percent stake in AVI Limited – amounting to 840,201 ordinary shares valued at R72.96 million ($3.83 million) – demonstrating his unwavering commitment to the company’s future success.