South African business executive Michael Koursaris – an executive director at AVI Limited – a Sandton-based food and beverage company, earned a compensation package of R19.42 million ($1.03 million) for his pivotal role in the company’s financial performance in 2023.
Koursaris’ compensation package is 73.57 percent higher than his 2022 remuneration of R11.19 million ($0.59 million), highlighting the impressive achievements and financial success of the food and beverage firm under his leadership
The 2023 compensation package comprises a base salary of R6.1 million ($0.32 million) and a short-term incentive of R11.69 million ($0.62 million). Additionally, he received a long-term incentive of R0.82 million ($0.04 million).
From analyst to executive: Koursaris’ ascension in AVI’s business development arena
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.
Koursaris started at AVI in 2002 as a business development analyst and rose to become a business development executive in January 2011. Before AVI, he worked as an associate at Stern Stewart and Co. in New York, based in Johannesburg from 1999 to 2002. He joined the AVI Board on September 9, 2013, emphasizing his dedication to the company’s growth.
Koursaris’ role and personal investment echo commitment to AVI’s triumph
Under Koursaris’ leadership at AVI in 2023, the company saw significant growth. Total assets increased from R10.2 billion ($535.39 million) to R9.34 billion ($490.41 million), and revenue grew by 7.76 percent, reaching R14.92 billion ($792.8 million) from R13.85 billion ($735.7 million).
In addition to his executive role, Koursaris maintains a 0.02-percent stake in AVI Limited, equivalent to 57,500 ordinary shares valued at R4.98 million ($0.26 million). This underscores his personal alignment with the company’s success.
