Safaricom CEO Peter Ndegwa becomes highest-paid executive on Nairobi
Safaricom's Chief Executive, Peter Ndegwa, received an impressive KES 257.2 million ($2.2 million) in total remuneration for the fiscal year concluding in March 2025, making him the highest-paid CEO on the Nairobi Securities Exchange.This compensation reflects a 17% increase from the previous year, as the telecommunications leader rebounded and raised the salaries of its executives.
As per the company’s annual reports, Ndegwa’s pay package consisted of a KES 98.7 million ($765,100) salary, a KES 115.7 million ($904,600) performance bonus, KES 33.5 million ($259,187) in non-cash benefits, and KES 45.3 million ($351,155) awarded through Safaricom’s Employee Performance Share Award Plan. Although the exact nature of the non-cash benefits was not specified, these typically include perks like housing, education, vehicles, and club memberships in Kenya.
The increase in compensation comes during a challenging economic period where numerous companies are freezing salaries and hiring, while families are facing rising living expenses. Despite this, Safaricom's substantial remuneration packages have reinforced its status as one of the most lucrative boardrooms in Kenya.
Chief Financial Officer Dilip Pal also experienced a salary increase, earning KES 126.5 million ($986,000), up from KES 118.8 million ($882,152) the year before. Collectively, Ndegwa and Pal earned KES 383.7 million ($3.2 million), marking a 16.5% growth compared to the previous year. Board chairman Adil Khawaja took home KES 24.5 million ($189,918), while non-executive directors collectively earned KES 84.7 million ($655,319), bringing the total compensation for directors to KES 442.4 million ($3.8 million), representing a 10% increase.
These increases in pay follow an 11% rise in Safaricom’s net profit, which reached KES 69.8 billion ($540 million) for the year, propelled by growth in mobile money and data services, along with decreased losses in Ethiopia. After two years of subdued earnings due to its expensive expansion in Ethiopia, Safaricom has regained stability and continues to be the most profitable publicly listed company in East and Central Africa.
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