STAN­DARD BANK’S BOSSES FA­MOUS BRANDS EX­PANDS CASH IN FOOT­PRINT $1.3bn 43% 51%

Finweek English Edition - - THE WEEK -

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.

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