Richard Wainwright, South African executive and Chief Executive Officer of Corporate and Institutional Banking at Investec, the Anglo-South African international banking and wealth management group, received a compensation package totaling £2.1 million ($2.57 million) at the end of the group’s fiscal year 2023.
Wainwright’s 2023 remuneration plan includes a base salary of £832,000 ($1.02 million) and a £1.23 million ($1.5 million) performance-based short-term incentive. This award is a direct outcome of Investec’s strong financial success, with profits exceeding the billion-dollar mark in the fiscal year 2023.
Wainwright has worked for Investec in a variety of capacities since 1995, bringing a breadth of skills in investment banking, taxation, risk management, and industry knowledge to the billion-dollar Investec Group. His relentless dedication to the organization has established him as a seasoned financial professional and renowned leader in South Africa’s corporate scene.
In September 2020, Wainwright will take over as CEO of corporate and institutional banking and executive director at Investec Bank Limited. He has been instrumental in directing the group to financial success in recent years since his hiring.
Investec, the Anglo-South African multinational banking and wealth management firm, has seen a significant increase in earnings, rising from £556.37 million ($696.75 million) at the end of its fiscal year 2022 to a staggering £817.43 million ($1.02 billion) at the end of its fiscal year 2023. This performance has firmly established it as a prominent player in the global financial sector.
Wainwright, in addition to his management and governance obligations at Investec, owns a minority ownership in the firm, equivalent to 150,589 ordinary shares worth over $800,000. This, along with his outstanding salary package, cements his position as one of South Africa’s most wealthy and important corporate leaders.
Wainwright’s passion and strategic vision have surely contributed greatly to Investec’s continuing success, elevating him to the ranks of international finance’s most powerful figures. His compensation plan recognizes his remarkable contributions to the company’s success as well as his involvement in determining Investec’s future.