Gerhardus “Gerrie” Fourie, a South African executive, received a total salary package of R92.77 million ($6.33 million) from Capitec Bank at the end of its 2022 accounting period, which ended on Feb. 28.
Fourie, the current CEO of Capitec Bank, has received millions of dollars in compensation from the bank for his excellent service since joining the leading financial services provider in 2014.
During the reporting period, the leading businessman and banking executive who played a key role in the growth of Capitec Bank, one of South Africa’s leading retail banks, earned a total of R92.77 million ($6.33 million), including a total guaranteed package of R14.77 million ($1 million).
The $6.33 million salary package also includes an R8.31 million ($771,400) short-term incentive and a R69.7 million long-term incentive, which represent the instruments granted to the South African businessman during the year as part of rewards for meeting specific goals that resulted in increased shareholder value.
Fourie’s salary in 2022 increased by 88.4 percent when compared to the previous year’s pay of R49.22 million ($3.35 million), as the value of his long-term incentive more than doubled during the year.
Since taking over as CEO in 2014, Capitec Bank’s net interest income and headline earnings have increased from R9.53 billion ($650.7 million) and R2.02 billion ($137.9 million) in 2014 to R23.45 billion ($1.6 billion) and R8.53 billion ($582.33 million) in 2022.
While its total assets and shareholders’ equity have grown from R46.2 billion ($3.15 billion) and R9.98 billion ($681 million) in 2015 to R177.94 billion ($12.14 billion) and R35.77 billion ($2.44 billion) at the end of its fiscal year in 2022.
Capitec Bank is a leading South African bank and one of the country’s largest lenders in terms of customer base.
Since it was founded 20 years ago by South African billionaire Michiel Le Roux and leading businessmen Jannie Mouton and Riaan Stassen, the bank has grown to become one of the world’s most reputable banking brands, providing transactional banking services as well as loan products such as term loans, credit facilities, and credit cards.
