Kenny Fihla received an annual salary of R7.9 million at Standard Bank.
Standard Bank announced on Monday that Kenny Fihla, who has been with the bank for 18 years, has resigned as its deputy CEO.
Fihla was immediately placed on garden leave until 13 June. On 17 June, he will begin his tenure as CEO and executive director of Absa Group and Absa Bank.
Garden leave is a policy in which an employee who has resigned or is being let go is instructed to stay away from the workplace during their notice period. They continue to receive their salary but are restricted from performing job duties or accessing confidential company information.
Fihla’s journey at Standard Bank
Standard Bank’s CEO, Sim Tshabalala said Fihla joined the bank in 2006 as an executive in the Financial Asset Services business of Corporate and Investment Banking (CIB).
He held other roles in CIB, a division under Standard Bank, such as head of transactional products and services, head of client coverage, and deputy chief executive, before being appointed chief executive of CIB in June 2017.
“Under his guardianship as Chief Executive from 2017 to 2024, CIB doubled its headline earnings to R20.5bn and achieved a compound annual growth rate of 8.6%.”
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Fihla’s salary at Standard Bank
Fihla was appointed deputy chief executive officer of Standard Bank Group and chief executive officer and executive director of Standard Bank South Africa on 1 September 2024.
According to the bank’s financial results for the six months ending 31 December 2024, Fihla’s total remuneration for the year was more than R67 million, including long-term incentive awards.
His fixed remuneration was more than R9 million, which included an annual salary of R7.9 million, employer retirement contributions of R841 000 and benefits and allowances worth R479 000 for 2024.
A fixed remuneration is the amount of money the company will spend on an employee’s salary and benefits despite the business’ performance.
Absa’s announcement
Fihla holds an MSc (Master of Science) in financial economics from the University of London and an MBA (Master of Business Administration) from Wits University.
Absa said, in a notice to its shareholders, Fihla’s appointment is subject to regulatory approval.
“Shareholders are also informed that Charles Russon remains the Interim Chief Executive Officer of Absa Group and Absa Bank until 16 June 2025.
“Charles will partner closely with Kenny to ensure a smooth leadership transition, whereafter he will take a key senior role within the Group Executive Committee.”
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What could his salary be as CEO?
Absa has not announced how much Fihla will be paid as its CEO; this is an estimation based on the amount the bank has previously paid its CEOs.
Absa has experienced years of leadership instability, which saw six interim and permanent CEOs since 2019.
According to the bank’s financial results for the year ended 31 December 2024, Fihla’s predecessor, Russon’s total remuneration was over R35 million.
From that amount, his fixed remuneration was R6.9 million. His annual salary cost the bank R6.4 million, R245 940 went to medical aid, retirement benefits cost R196 856, and other employee benefits were R72 606.
Salary of Russon’s predecessor
Russon’s predecessor is Arrie Rautenbach, who stepped down as CEO on 15 October 2024, taking early retirement. He was then placed on garden leave for six months, which will end on 15 April 2025.
According to the financial results for the year ended 31 December 2023, Rautenbach’s total remuneration was more than R40 million.
From that amount, his fixed remuneration was R10.4 million. His annual salary cost the bank R9.7 million, R180 960 went to medical aid, retirement benefits cost R189 634, and other employee benefits amounted to R269 994.
Rautenbach’s awarded remuneration for 2024 was R8.4 million before stepping down.
Judging by the fixed remuneration for Russon and Rautenbach, Fihla’s fixed remuneration could be between R6 million and R10 million per annum.
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