STANDARD BANK’S BOSSES FAMOUS BRANDS EXPANDS CASH IN FOOTPRINT $1.3bn 43% 51%
The combined pay for Standard Bank’s joint CEOs, Sim Tshabalala and Ben Kruger, increased 43% in 2015, according to the bank’s annual report, compared with a 34% increase in normalised net income for the year. Tshabalala’s remuneration was up 28% to R30.99m, while Kruger’s pay increased by a whopping 61% to R30.79m. However, the CEOs still earned less than their counterparts at FirstRand, Investec and Nedbank, Bloomberg reported. Maria Ramos, CEO of Barclays Africa, had the smallest paycheck of the lot, taking home R28.2m last year. Fast-food chain Famous Brands is expanding its footprint in the casual dining sector following its purchase of 51% of KwaZuluNatal-based Italian restaurant Lupa Osteria, which was started in 2013 and currently operates three restaurants. Famous Brands plans to expand Lupa’s footprint to 36 in the longer term. The group’s other premium-end casual dining assets include tashas and Mythos. The value of the transaction, which will be settled in cash, was not disclosed.