More than five CEOs earned more the half the net profits of their companies in Kenya. This has been happening behind the curtains, with only BAT giving a detailed account of how it remunerates its top leadership.
Sameer Africa’s CEO, Allan Walmsley, for instance, was paid Ksh25.9 million or nearly twice the company’s net earnings of Ksh13 million.
On the other hand, Athi River Mining Chief Executive Pradeep Paunrana, was paid a total of Ksh114.7 million in the year ended December, even as the company returned a net loss of Ksh6.5 billion.
Upon his exit from Kenya Airways (KQ), former CEO Mbuvi Ngunze flew away with Ksh104.8 even as the national carrier was left in a financial and management crisis.
At TransCentury, the chief executive Nganga Njiinu earned Ksh35.4 million, despite steering the company to a net loss of Ksh4.3.
Sanlam’s former chief executive, Mugo Kibati, pocketed Ksh53.6 million, Ksh600,000 higher than the insurer’s net profit of Ksh53 million.
BOC Kenya’s former CEO, Millicent Onyonyi, was paid Ksh28.9 million or 73 per cent of the gas manufacturer’s net profit of Ksh39.3 million while Flame Tree’s Heril Bangera took home ksh22.4 million in the year ended December, an amount equivalent to 56 per cent of the company’s net earnings of Ksh39.7 million.
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HF Group’s Frank Ireri, retiring next year, was paid Ksh64.4 million or 51 per cent of the firm’s Ksh126.2 million net profit.
East Africa Cables CEO Peter Muigai received Ksh31 million despite a loss of Ksh662 million. Deacons CEO Muchiri Wahome on the other side pocketed Ksh22 million despite making a total loss of Ksh841 million.
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