Co-operative Bank’s Gideon Muriuki has retained his grip as the highest paid Chief Executive Officer (CEO) in Kenya.
Co-operative paid Muriuki a whopping Sh376.4 million in the financial year 2018, Business Daily reports.
This represents an increase of Sh6.4 million from the Sh370 million the CEO pocketed in the previous financial year.
During the 2018 financial year, Muriuki was paid a bonus amounting to Sh271 million. His salary grew by Sh5.6 million from Sh99.8 million in 2017 to Sh105.4 million.
This established Muriuki as the highest paid chief executive of all the Nairobi Securities Exchange (NSE) listed companies, a position he has held over the past two years.
This means that the Co-op Bank boss earned more than Sh30 million per month and over Sh1 million per day in the period under review.
Additionally, Muriuki will pocket Sh103 million as dividend from the lender from his 1.77 percent stake in Co-op Bank.
Co-op Bank told the Business Daily that the remuneration is a reward to Muriuki, who has transformed the bank into Kenya’s third-biggest lender by earnings and assets.
“The group has invested in a performance-driven reward structure, and the board has rewarded tremendous growth and transformation of the bank from a huge loss position of Sh2.3 billion in the year 2001 and an asset base of only Sh25 billion to now one of the largest banks in the region with an asset base of over Sh425 billion,” Co-op Bank told the publication.
“It is a celebrated transformation journey now with the bank for over 18 years as the chief executive officer.”
There is no justification…
There is no justification for this kind of compensation. The western nation’s led by US started this form of cooperate greed. Study after study have shown that CEOs wanted to be matched up up with the pay level of base ball stars and movie stars. Nothing to do with the firm performance. In fact, some US mega corporations have awarded bonuses to their CEOs even at the verge of their bail out. But in order to keep the money rolling people like Muriuki will use and abuse anyone who gets in touch with his bank. Hefty fees, unnecessary fines and rate fees, high rate mortgage or business loans and all manner of swindling to make it appear as if the bank is making a killing- which of course it’s doing. The sad part is that; banks manufacturer nothing. They make nothing. The just recycle people’s money fee them to death and get themselves rich.
This is purely corporate…
This is purely corporate greed. OK, he turned the bank that was on the verge of collapse. Did he do it alone?Is his staff equally compensated?
If I were Mr Muriuku, I would say that this is too much,just give me 100,000,000 I can live on that.
Huh? A million a day… What…
Huh? A million a day… What does he do all day? This is one of the banks where you put Ksh 10,000 and it disappears promptly in the name of ledger fees.
Our government should find a…
Our government should find a way to stop paper movers who produce nothing. We are a developing nation and should buy only what we can see and touch and we cannot produce locally. Anything else should be stopped. Stocks, banks, insurance companies, anything else that does not produce a tangible product is a corruption based business that is meant to milk our people off their resources and impoverish them.
How do you make such money from every citizen who deposits their money into your bank other than feeing them to death.
Monthly fees, non-sufficient fund fees, too many deposits fees, too many withdrawal fees, fees for not having enough money in the bank etc. These banks become creative in how to steal the public money.
” My people die for lack of knowledge”.
It’s time to evaluate the end result of what each and every company produces and delivers to our nation.
Their is no justification…
Their is no justification under heaven to earn such a salary. I lost my job and you allowed it. I lost my job nine months pregnant. You didn’t only affect my life but also my child’s. I did all I could to achieve those impossible targets for you to earn that salary. And for you to throw me out like a dog.. It hurts like a bullet to the heart.
I now understand why my…
I now understand why my money disappears at Co-op bank. This greedy fellas are fleecing us to death. “Bleeding a leech to fatten a heifer” from today am stopping to be a member of this bank. Moving to Equity bank. This is total madness!! A million a day when there are Kenyans going without a meal for days.