KCB Group CEO Joshua Oigara. FILE PHOTO | NATION MEDIA GROUP
KCB boss Joshua Oigara’s annual pay jumps to Sh299.1m
KCB Group chief executive officer Joshua Oigara earned Sh299.1 million in salary, bonus and allowances in 2019, a year when Kenya’s biggest bank by assets announced a record net profit.
Mr Oigara’s compensation increased by 9.6 percent or the equivalent of Sh26.2 million from Sh272.9 in the previous year on the back of a higher salary of Sh72 million that went up 5.9 percent from Sh68 million in 2018.
Mr Oigara, 45, whose renewable term of five years ends in 2023, was also paid deferred compensation of Sh48.4 million as bonus last year and a gratuity of Sh21.6 million.
During the period, he earned a bonus of Sh145.3 million, which dropped 19.2 percent from the Sh179.9 million bonus he was paid in 2018.
Mr Oigara’s non-cash benefits that include medical insurance, club memberships and professional indemnity dropped to Sh300,000 last year from Sh1 million the previous year.
KCB ties bonus payments to its executive directors’ achievement of multiple metrics, including the profitability of the group.