The CEO of a company linked to business magnate Chris Kirubi has protested a media report labeling as Kenya's highest paid CEO at Sh375.6 million and an equivalent of Sh31.3 million per month.
Mr James Mworia, 40, CEO at Centum Investment disputed the 'Business Daily' story based on disclosures in the company’s latest annual report.
'Business Daily' had observed thus: "The bulk of Mr Mworia’s remuneration is made of a performance bonus scheme, whose targets the Centum chief executive and his management team have consistently met over the years, drawing hundreds of millions of shillings in return.
"Mr Mworia’s take-home is particularly unique in the fact that his monthly salary is a more modest Sh2 million or about Sh24 million a year – translating to a small fraction of the annual total remuneration for the 40-year-old executive."
The publicity-shy CEO took to his Twitter handle Wednesday to hit out at the newspaper.
"Group financials include results of all subsidiaries. This is the figure you are reading which includes the compensation of management of subsidiaries. It would have been professional to verify with either management or the auditors to confirm the accuracy of your understanding of the report.
Business Daily interesting that you found it fit to verify your story on page 7 today but did make any attempt to verify your headline story", he said.
Contrary to expectations, Mr Mworia failed to state his rightful salary. Sources indicate that Mr Mworia was worried more about the story coming out rather than the perceived inaccuracy.
The paper, in a tweet, insisted that it stands by its' story.
From the consumer perspective, it is unclear how a CEO meant to earn Sh2mn per month ends up earning Sh32mn ... and how the same can be sustained should bonuses dwindle for one reason or the other.
The bonuses are set by the company board of directors. They are neither proportional nor reflective of the shareholder dividends.
Huge executive pay, especially within the banking sector, has been felt through excessive and hidden costs in consumer services fees.