South Africa’s top CEOs earn hefty paychecks for leading the country’s most influential companies, navigating complex markets, and driving business success in a challenging economy. These leaders are responsible for making decisions that affect thousands of employees, investors, and stakeholders while shaping the business landscape. In 2024, the financial rewards for being at the helm of large corporations are as high as ever, with top executives in industries like mining, banking, and retail taking home impressive compensation packages.
In this article, we’ll explore the top 10 highest paid CEOs in South Africa for 2024, breaking down their earnings, the companies they lead, and what makes them stand out in their fields.
1. Natascha Viljoen – CEO of Anglo American Platinum
Total Compensation: R200 million+
Industry: Mining
At the top of the list is Natascha Viljoen, CEO of Anglo American Platinum, one of the world’s largest producers of platinum group metals. Viljoen, who took the reins in 2020, has been instrumental in navigating the company through volatile commodity markets and steering it toward sustainable mining practices. Her impressive compensation package includes a significant base salary, performance bonuses, and stock options, reflecting the high-stakes nature of the mining industry.
Why She’s a Top Earner:
- Leading one of South Africa’s biggest mining companies.
- Responsible for overseeing global operations with complex environmental, social, and governance (ESG) mandates.
- Key figure in driving platinum’s role in green energy technologies.
2. Duncan Wanblad – CEO of Anglo American
Total Compensation: R180 million+
Industry: Mining
As the CEO of Anglo American, one of the largest mining conglomerates globally, Duncan Wanblad commands a significant salary. Anglo American’s diverse operations across diamonds, copper, platinum, and other commodities make Wanblad’s leadership critical to the company’s success. His compensation includes a mix of salary, bonuses, and long-term incentives tied to stock performance.
Why He’s a Top Earner:
- Oversees a global mining empire, making high-level strategic decisions.
- Successfully navigates the challenges of fluctuating commodity prices and international regulations.
- Plays a key role in the transition to greener mining practices.
3. Bob van Dijk – Former CEO of Naspers
Total Compensation: R170 million+
Industry: Media and Technology
Bob van Dijk recently stepped down as CEO of Naspers, but his influence and compensation package still rank him among the highest paid. Naspers is a media and internet giant, with investments in global companies such as Tencent, a Chinese tech behemoth. Van Dijk’s role in growing Naspers’ international portfolio has earned him substantial bonuses and stock options.
Why He’s a Top Earner:
- Led Naspers through key acquisitions and strategic investments in global technology.
- His tenure saw the company’s valuation soar, driven by high-growth tech investments.
- Naspers’ dominant position in media, entertainment, and e-commerce markets makes it a significant player in South Africa’s economy.
4. Mike Brown – CEO of Nedbank
Total Compensation: R150 million+
Industry: Banking
Mike Brown, the long-serving CEO of Nedbank, has overseen one of South Africa’s largest banks for over a decade. His leadership has been pivotal in steering the bank through challenging times, including the global financial crisis and the COVID-19 pandemic. Brown’s compensation package reflects the stability he has brought to the banking giant, with a mix of base salary, performance bonuses, and shares.
Why He’s a Top Earner:
- Leads one of the “Big Four” banks in South Africa, influencing the financial sector.
- Successfully manages risk and maintains profitability in a volatile economic environment.
- Focuses on digital banking transformation, positioning Nedbank as a forward-thinking financial institution.
5. Sim Tshabalala – CEO of Standard Bank
Total Compensation: R145 million+
Industry: Banking
Sim Tshabalala is another heavyweight in South Africa’s financial sector. As the CEO of Standard Bank, Africa’s largest lender by assets, Tshabalala has led the bank through significant digital transformation initiatives and expanded its footprint across the continent. His compensation reflects his critical role in maintaining Standard Bank’s market leadership and growing its business in multiple regions.
Why He’s a Top Earner:
- Oversees Africa’s largest banking institution, with operations in over 20 countries.
- Known for his focus on expanding digital banking services and improving customer experience.
- Standard Bank’s influence in corporate finance, retail banking, and investment services places it at the heart of South Africa’s economy.
6. Adrian Gore – CEO of Discovery Limited
Total Compensation: R140 million+
Industry: Healthcare and Insurance
Adrian Gore, the visionary founder and CEO of Discovery Limited, is credited with revolutionizing the healthcare and insurance industry in South Africa. Discovery’s Vitality program, which incentivizes healthy living, has been adopted globally, earning Gore international recognition. His compensation package reflects his role in shaping the future of healthcare innovation, with strong stock options and performance bonuses.
Why He’s a Top Earner:
- Pioneered the integration of health, wellness, and insurance with Discovery’s Vitality program.
- Expanded Discovery’s business into life insurance, banking, and investments.
- International expansion into markets like the UK and Asia boosted Discovery’s global footprint.
7. Noah Greenhill – CEO of MTN Group
Total Compensation: R135 million+
Industry: Telecommunications
Noah Greenhill, CEO of MTN Group, leads one of the largest mobile networks in Africa. MTN’s operations span across over 20 countries, making it a critical player in connecting millions of people across the continent. Greenhill’s compensation reflects the complexity of managing such a vast network and navigating regulatory hurdles in various markets.
Why He’s a Top Earner:
- Oversees Africa’s largest telecom network, providing services to millions of subscribers.
- MTN’s strategic expansion into fintech and mobile banking boosts its growth potential.
- Plays a key role in expanding internet access in underserved regions, making MTN an essential part of Africa’s telecom infrastructure.
8. Peter Moyo – Former CEO of Old Mutual
Total Compensation: R130 million+
Industry: Financial Services
Although Peter Moyo’s time as CEO of Old Mutual ended amidst controversy, his compensation during his tenure remains notable. Old Mutual, a leader in insurance and financial services in South Africa, saw significant changes under Moyo’s leadership, including its managed separation strategy. His earnings during his time at the helm were among the highest in the financial services industry.
Why He Was a Top Earner:
- Led Old Mutual through a period of significant restructuring and rebranding.
- Managed the separation of Old Mutual’s international and African operations.
- His compensation was reflective of his role in stabilizing Old Mutual during a transformative period.
9. Phuthi Mahanyele-Dabengwa – CEO of Naspers South Africa
Total Compensation: R120 million+
Industry: Media and Technology
As the CEO of Naspers South Africa, Phuthi Mahanyele-Dabengwa is one of the most powerful women in the South African corporate world. She oversees Naspers’ vast portfolio of local assets and digital ventures, making her compensation reflective of the group’s strategic importance to South Africa’s media and tech industries.
Why She’s a Top Earner:
- Responsible for Naspers’ investments in South African startups and digital companies.
- Plays a pivotal role in fostering innovation and tech entrepreneurship in South Africa.
- Naspers’ involvement in media, e-commerce, and education under her leadership is key to its continued success.
10. Fani Titi – CEO of Investec Group
Total Compensation: R115 million+
Industry: Financial Services
As CEO of Investec Group, Fani Titi leads one of the most prestigious financial institutions in South Africa, known for its wealth management, banking, and asset management services. Titi has been integral in strengthening Investec’s global presence while also focusing on its core services locally.
Why He’s a Top Earner:
- Oversees both local and international operations in wealth and investment management.
- Steered Investec through global financial challenges while maintaining its premium client services.
- Known for his focus on innovation in financial products and corporate governance.
FAQs
1. What is the highest paying industry for CEOs in South Africa?
The mining industry tends to offer the highest compensation packages for CEOs, especially in companies like Anglo American and Anglo American Platinum, due to the high-risk, high-reward nature of the sector.
2. Do South African CEOs earn more than their global counterparts?
While some South African CEOs earn impressive salaries by local standards, global CEOs—especially in the US and Europe—tend to have much larger compensation packages, particularly in industries like technology and finance.
3. How is CEO compensation structured?
CEO compensation usually includes a base salary, performance bonuses, stock options, and long-term incentives tied to company performance. The stock options and bonuses often make up a significant portion of a CEO’s earnings.
Final Thoughts
The highest paid CEOs in South Africa for 2024 are a testament to the country’s thriving business sectors, from mining and telecommunications to banking and technology. These top executives not only command impressive salaries but also carry the responsibility of steering their companies toward success in a competitive and often challenging economic landscape. As these CEOs continue to lead some of the most influential companies in the country, their compensation packages reflect their value and the scale of their influence in shaping South Africa’s corporate future.
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