As of Monday, Bob van Dijk is no longer the CEO of Naspers and Prosus. However, over his 9-year tenure at the helm, he received over R1.5 billion in salaries, bonuses, and long-term incentives.
Averaged out over his entire tenure, this works out to be more than R470,000 a day – or more than 1.5 times what the average formally employed worker in South Africa earns in an entire year.
According to an announcement by Naspers and Prosus on 18 September, Van Dijk has stepped down from the role as CEO of both companies with immediate effect and has agreed to assist with the transition on a consultancy basis until 30 September 2024.
He was the CEO of Naspers since 2014, and Prosus since its listing in 2019, and the group has credited him for turning it into a global consumer internet company, which created significant value for shareholders.
Over his 9-year tenure, Van Dijk received a high base salary, short-term incentives, long-term incentives, a pension, and other benefits. Since he assumed the position of CEO, he was renowned as one of the highest-paid executives on the African continent.
Naspers, a global internet group, currently boasts a market capitalisation of more than R560 billion, making it Africa’s largest company in terms of valuation.
Van Dijk’s total remuneration includes a 10% base salary, a 10% cash bonus, and 80% long-term incentives. However, he must hold ten times his annual salary in Naspers and Prosus shares.
Naspers’ remuneration policy has been a very contentious topic over the past years.
In a recent annual meeting in August, 79.40% of Naspers N shareholders voted against the company’s remuneration policy. However, Naspers A shareholders, who carry voting rights equivalent to 1,000 N shares per A share, voted in favour of the policy, effectively swinging the vote.
– or more than 1.5 times what the average formally employed worker in South Africa earns in an entire year.
According to an announcement by Naspers and Prosus on 18 September, Van Dijk has stepped down from the role as CEO of both companies with immediate effect and has agreed to assist with the transition on a consultancy basis until 30 September 2024.
He was the CEO of Naspers since 2014, and Prosus since its listing in 2019, and the group has credited him for turning it into a global consumer internet company, which created significant value for shareholders.
Over his 9-year tenure, Van Dijk received a high base salary, short-term incentives, long-term incentives, a pension, and other benefits. Since he assumed the position of CEO, he was renowned as one of the highest-paid executives on the African continent.
Naspers, a global internet group, currently boasts a market capitalisation of more than R560 billion, making it Africa’s largest company in terms of valuation.
Van Dijk’s total remuneration includes a 10% base salary, a 10% cash bonus, and 80% long-term incentives. However, he must hold ten times his annual salary in Naspers and Prosus shares.
Naspers’ remuneration policy has been a very contentious topic over the past years.
In a recent annual meeting in August, 79.40% of Naspers N shareholders voted against the company’s remuneration policy. However, Naspers A shareholders, who carry voting rights equivalent to 1,000 N shares per A share, voted in favour of the policy, effectively swinging the vote.
Article by Business day: https://businesstech.co.za/news/wealth/720208/r470000-a-day-for-9-years-bob-van-dijks-insane-pay-as-naspers-ceo/