This archive report was first published on 12 December 2019.
NCBA Bank, a leading financial institution in Kenya, has been making headlines with its high-profile appointments and generous compensation packages. In May 2019, John Gachora was appointed as the chief executive officer of NCBA Bank, a position he still holds today.
As the CEO of NCBA Bank, Gachora's salary is a subject of interest among many Kenyans. According to reports, his last annualised pay was a whopping Sh. 94.9 million, which translates to a monthly pay of Sh. 7.5 million.
While this salary may seem impressive, it's worth noting that it's a drop from the Sh. 98 million pay that Gachora earned in the 2017 NIC financial year. The decrease in salary was largely due to a drop in cash bonus, which stood at Sh. 23.5 million, down from Sh. 29.9 million in the previous year.
Despite the drop in salary, Gachora's compensation package still comprises a significant amount of cash awards and retirement benefits. His salary for the year ended December consisted of a salary of Sh. 61.5 million, cash awards of Sh. 26.7 million, and retirement benefits of Sh. 6.6 million.
NCBA Bank's compensation policy is aimed at attracting highly skilled staff and keeping up with prevailing wage rates in the market. The policy seeks to provide market competitive remuneration that will attract, retain, and engage high-calibre directors while protecting and promoting the company's objectives.
