Safaricom CEO Bob Collymore’s Ksh10m salary shock

Safaricom CEO has set Kenya ablaze with his wealth declaration – a first in Kenya for a listed company chief executive – which indicates that he pockets nearly Ksh10 million monthly from the country’s leading mobile services operator.

While his net-worth is an eye-popping Ksh277.3 million ($2.7 million), what has drawn the interest of most Kenyans is the Ksh110 million ($1.07 million) that he earned from Safaricom in the last one year, which dwarfs the profits, according to his wealth declaration form uploaded on the company’s website.

The document shows that he was paid a salary (employment income) of Ksh109 million ($1.07 million) and Ksh591,600 ($5,800) from dividends and interest income. Mr Collymore also owns land and buildings (residential house) in London, England worth Ksh54 million ($530,000), Ksh20.7 million ($203,000) as cash balances in local banks and Ksh95.4 million ($935,000) in UK banks.

The CEO further holds Safaricom shares valued at Ksh18.4 million ($180,000) and Vodafone PLC shares worth Ksh88.8 million ($871,000). Mr Collymore made his wealth public as part of his efforts to boost transparency and fight corruption in public and private sectors.

[crp]

“Corruption distorts markets and has a negative impact on society as a whole, in both the developing and the developed world,” Mr Collymore is quoted as saying. “It is the reason why the responsibility to turn the tide against corruption ultimately lies with us as individuals.”

Mr Collymore had promised to declare his wealth moments after President Uhuru Kenyatta unveiled a no-nonsense plan to fight corruption by involving public and private sector. Then today he lived to his threat and tweeted: “I earn Sh10 million ONLY per month.”

Kenyans were clearly shocked, given that most CEOs salaries in Kenya average Ksh2 million.

Next Read: What Kenyans are saying about Bob Collymore