Business: Centum cuts CEO's salary by 75%

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Image result for James Mworia photos
Centum CEO James Mworia at a past event,photo courtesy 
Centum Company has cut its  chief executive James Mworia’s salary by 75 percent on grounds of inability to meet  the investment company’s  targets.
His salary dropped from Sh177.6 million in 2018 to to Sh45 million in 2019. The company’s financial report for the year ending March 2019 reveals.
This is because the company did not make enough to pay a bonus. “Our bonus remuneration is linked to the cash return of the business with a hurdle rate of 15 percent. We did not achieve that in the period and we were therefore not eligible for a bonus,” Mworia told Business Daily.

This is the second year in a row that Mworia’s salary is dropping. In 2018, his salary dropped to Sh177.6 million from Sh219.2 million.
Mr. Mworia thus fails to be among the top five highest paid CEO’s in Kenya. Last year, Cooperative Bank CEO Gideon Muriuki was the highest paid with an income of  Sh376 million. KCB CEO Joshua Oigara took home  Sh273 million.

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