South African billionaire Adrian Gore earns $1.81 million amid Discovery’s $12.10-million executive payout

Key Points

• Discovery executives earned a total of $12.10 million in 2024. • CEO Adrian Gore received $1.81 million in total remuneration. • Performance bonuses for executives reached $5.84 million in FY24.

Discovery Holdings has disclosed that its top five executives collectively earned R205 million (approximately $11.92 million) in the financial year ending June 30, 2024. CEO Adrian Gore, the billionaire founder of Discovery Group, received R30.7 million ($1.81 million), contributing to a substantial R99 million ($5.84 million) in performance bonuses awarded across the executive team.

Breakdown of executive compensation

Adrian Gore’s remuneration package is comprised of a base salary of R8.4 million ($495,600), a performance bonus of R9.1 million ($536,900), and R11.4 million ($672,600) from the company’s long-term incentive plan. In addition to these components, Gore benefits from other perks, including medical aid contributions and various allowances.

Despite his role as group CEO, Gore's total earnings ranked third among Discovery's executives. Leading the earnings chart was Neville Koopowitz, CEO of Discovery’s Vitality Group, who earned R78.7 million ($4.64 million). His package featured a base salary of R24 million ($1.42 million) and a performance bonus of R48 million ($2.83 million), the latter of which was partially paid in pound sterling, reflecting his significant influence in the global expansion of Vitality.

Hylton Kallner, CEO of Discovery Bank, received R50 million ($2.95 million), primarily driven by a performance bonus of R22.7 million ($1.34 million). Kallner's impressive compensation is tied to the bank's ongoing push toward profitability. CFO Deon Viljoen and executive director Barry Swartzberg each earned between R22 million ($1.30 million) and R23 million ($1.36 million), with Viljoen benefiting from the long-term incentive plan while Swartzberg’s earnings were bolstered by a higher performance bonus.

Market success and strategic growth

Discovery’s achievements in 2024 can be attributed to several strategic initiatives, including the rapid growth of Discovery Bank. Launched just two years ago, the bank reached 1 million accounts in 2022, accumulating over R11 billion ($649,000) in deposits and R4.5 billion in credit advances. These milestones underscore Adrian Gore’s significant impact on the South African financial services landscape.

The bank continues to expand its customer base by introducing innovative products such as Discovery Pay and the Vitality Travel platform. These offerings have fortified Discovery Bank's position within the digital banking sector, positively influencing the overall performance of Discovery Group.

Despite facing market challenges in 2021, when its market value plummeted by R10.04 billion ($708.87 million) following share sales by Gore and co-founder Barry Swartzberg, Discovery has demonstrated resilience. Recent financial results and ongoing innovation have helped the company maintain its leadership status in the financial services industry.

Increased compensation for non-executive directors

In addition to the executive compensation, non-executive directors at Discovery saw a rise in their earnings for 2024, totaling R34 million ($2.00 million), up from R31.5 million ($1.86 million) the previous year. Among the top earners were Sir Mark Tucker, chairman of both Discovery and HSBC Holdings, and Richard Farber, each earning over R8 million ($472,000). Tucker's compensation was denominated in pounds sterling, while Farber's was in Australian dollars.

Discovery Holdings' capacity to attract and retain top talent, including both its executive and non-executive directors, continues to enhance the group's performance, solidifying its position as a dominant player in the financial services industry.