Old Mutual executive pay soars on successful separation
Remuneration report shows CEO Peter Moyo’s total compensation increased by 32% to more than R50m
Peter Moyo and a small group of executives responsible for delivering the successful managed separation of financial services group Old Mutual have been rewarded with a significant financial bonanza. According to Old Mutual's remuneration report for the year ended December 2018, CEO Moyo’s total compensation increased by 32% to R50.5m. The biggest contributor to the increase was the managed separation incentive plan, for which he was awarded R15.4m. Old Mutual undertook a major restructuring during 2018 referred to as the “managed separation”. This resulted in the conglomerate selling down its stake in Nedbank, separately listing its UK Wealth division as Quilter on the London Stock Exchange and relisting its emerging-markets business in Johannesburg under the Old Mutual brand. The managed separation incentive plan is paid out in shares and cash — 50% of the value was paid as a cash bonus at the end of 2018, while 50% of the value will be distributed in the form of shares during 201...
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