Peter Ndegwa is the CEO of Safaricom, the largest mobile network operator in Kenya. His annual salary is estimated to be 3.6 million USD equivalent to roughgly Ksh. 500,000,000; making him one of the highest-paid CEOs in the country. This has been the subject of much debate, with some people believing that Peter Ndegwa’s Annual Salary is too high, while others argue that it is justified given his performance as CEO.
In 2021, Safaricom’s profits increased by 12% to 980 million USD. The company also paid 115 million USD in dividends to its shareholders. This growth was attributed mainly to Ndegwa’s leadership. He has been credited with streamlining the company’s operations and improving customer service. As a result, Safaricom has become one of the most profitable companies in Kenya.
Ndegwa said his salary is performance-based and linked to the company’s profits. He has also said that his salary aligns with that of other CEOs of large companies in Kenya. For example, James Mwangi, the CEO of Equity Bank, has an annual salary of 3.2 million USD.
However, some people believe that Ndegwa’s salary is too high, even considering his performance. They argue that the money could be better spent on other things, such as improving the company’s infrastructure or providing better customer service.
Ultimately, whether or not Peter Ndegwa’s Annual Salary is justified is a matter of opinion. However, there is no doubt that he is a highly successful CEO who has led Safaricom to great heights.
Other CEOs with High Salaries in Kenya
In addition to Peter Ndegwa, many other CEOs in Kenya have high salaries. These include:
- James Mwangi, the CEO of Equity Bank (3.2 million USD),
- Joshua Oigara, the CEO of KCB Group (2.8 million USD)
- Nicholas Ng’ang’a, the CEO of NCBA Group (2.6 million USD)
- Kariuki Njuguna, the CEO of Co-operative Bank (2.4 million USD)
CONCLUSION
The salaries of these CEOs are significantly higher than the average Kenyan salary, around 10,000 USD per year. However, they are comparable to the salaries of CEOs of large companies in other countries.
The debate over Peter Ndegwa’s salary is likely to continue. However, there is no doubt that he is a highly successful CEO who has led Safaricom to great heights. His salary may be high, but it is arguably justified, given his performance.
