CEO gets R70m sign-on 'bonus'

QUINN: TOTAL PAY TOPPED R106M IN 2024

- Moneyweb

The new chief executive of Nedbank, Jason Quinn (appointed from June 2024), was awarded R62.7 million in shares under the group's long-term incentive scheme in August and a further R9.15 million in a deferred short-term incentive in his first month at the group.

Nedbank says these awards were made "in respect of the value of awards that he forfeited on resignation from his previous employer".

Quinn resigned as financial director of Absa Group on 22 November, 2023 "with immediate effect".

The forfeited Absa incentives Quinn was interim CEO of Absa between April 2021 and March 2022.

His former employer notes that as part of a "retention arrangement" agreed when former Absa CEO Arrie Rautenbach was appointed and Quinn returned to his previous position as FD, as well as "subsequent exit terms, he forfeited 50% of all outstanding deferred short-term incentive awards and 100% of all long-term incentive awards on the date of his resignation".