Have you ever pondered the financial success of leading a giant like ESKOM, whose operations are integral to powering a nation? The CEO of ESKOM holds the position of immense importance and influence, entrusted with the significant responsibility of managing South Africa’s electricity provision. Therefore, it is no wonder people are curious about the compensation and benefits that accompany this position.
Read this exciting guide to explore and unveil the salary of the CEO of ESKOM, shedding light on the different income sources, as well as providing insights into their possessions and assets, offering a comprehensive view of their financial profile. Hence, keep reading to enlighten yourself.
Who is the Chief Executive Officer (CEO) of ESKOM?
Calib Cassim is the present Chief Executive Officer (CEO) of the giant ESKOM, who came into power after Andre de Ruyter’s (former CEO) unexpected departure in February 2023. ESKOM is the main electricity supplier in South Africa and is responsible for generating, transmitting, and distributing electricity throughout the nation and other neighboring countries. With its extensive infrastructure, ESKOM plays a crucial role in powering South Africa, making it the cornerstone of the country’s energy sector.
On 22 February 2023, Andre de Ruyter resigned from his position as CEO, and Chief Financial Officer (CFO) Calib Cassim was appointed as the new leader and CEO of ESKOM. Calib Cassim, who has devoted twenty years to ESKOM, became ESKOM’s Chief Financial Officer (CFO) in November 2018 after serving as acting CFO. In addition, his professional credentials include being a certified Chartered Accountant (CA), and he also possesses a master’s degree in Business Leadership (MBA).
How Much Does the CEO of ESKOM Earn?
Now, the interesting part comes. Being the CEO of ESKOM sure has its perks, as compensation at such larger enterprises often surpasses standard industry norms. Previous Chiedt Executive Officers (CEOs) of ESKOM have received varying levels of compensation, reflecting changes in leadership, economic conditions, and the company’s performance.
ESKOM is a massive company; no wonder many people are curious about its financial dynamic, especially its CEO’s compensation. In 2022, Public Enterprises Minister Pravin Gordhan officially declared that Andre de Ruyter holds the position of the highest-paid board member with an annual income of R7.04 million (Rand). During his tenure as CEO, the compensation files revealed that during his initial three months in charge, De Ruyter earned R1,654,000 (Rand).
Following that, in both 2020/21 and 2021/22 years, his annual income amounted to R7,040,010 (Rand). In addition, the current CEO Calib Cassim, according to different sources, earns about R9 million per year. The monthly salary of the CEO Calib Cassim, is estimated to be R126,092 (Rand).
However, CEO salaries are subject to change due to multiple components, including organizational performance, market conditions, government policies, and more.
Income Per Year: R9 million per year (Rand)
Income Per Month: R126,092 (Rand)
ESKOM CEO Income Sources
In this section, I will discuss the various income sources that contribute to the financial success of the ESKOM CEO, providing a comprehensive view of their compensation structure. Now, let’s get into the details:
The primary source of income for a businessman and CEO of ESKOM is the salary provided by the organization. It is a fixed amount that serves as a foundation of the compensation package. However, the compensation of different CEOs varies and is subject to change in the future due to different factors, such as the economic conditions of the country, etc.
Moreover, since ESKOM is a state-owned behemoth in the energy sector, the compensation and bonuses offered by them to their CEO is really generous and high. Former CEO Andre de Ruyter earned approximately R7.4 million, and in 2022 was considered the highest-paid board member. The current Chief Executive Officer of ESKOM’s salary is estimated to be approximately R 9 million per year (Rand) and R126,092 (Rand) per month.
Another source of revenue for the CEO of ESKOM is the performance bonuses. These bonuses are tied to the performance targets that are established in advance. These targets and metrics include a wide range of factors, such as financial performance, customer satisfaction, operational efficiency, etc.
The structure of performance bonuses varies. If an individual displays an excellent performance, they will be rewarded with a larger bonus. These performance bonuses play a significant role in ensuring that the CEO’s interests are closely aligned with ESKOM’s mission.
However, the exact performance bonuses rewarded to the CEOs are not disclosed to the public but it surely does contribute to their financial success and achievements.
Long-term incentives refer to a type of compensation offered to the executives by ESKOM company, which are designed to reward the executives over a longer period. The common forms of long-term incentives include stock options, restricted stock units, stock appreciation rights, and long-term cash bonuses.
Since the CEO is a very high-ranking position, the benefits that come with this role are not only significant but also diverse. These perks include life insurance, health and retirement benefits, and other privileges specifically designed to enhance the overall CEO’s compensation package.
Additional income is also generated from different sources, such as engaging in advisory roles, retirement benefits, investments, board directorship in other companies, etc. All of these combine together to contribute to the financial success of the ESKOM CEO.
However, the current Chief Executive Officer (CEO) Calib Cassim’s net worth and assets are not disclosed to the public since he keeps his private life secret. Therefore, not much information is available regarding his net worth, assets, and possessions. Despite the lack of information regarding his assets, he is still considered a millionaire.
What is the CEO of ESKOM’s salary in 2023?
The current Chief Executive Officer (CEO) of ESKOM is Calib Cassim, who took over this position in February 2023. The annual salary of the CEO is estimated to be R9 million per year and he earns approximately R126,092 (Rand) per month. However, these figures are subject to change; hence, keep yourself up-to-date regarding any news related to ESKOM’s CEO salary.
What influences the CEO’s salary at ESKOM in South Africa?
There are multiple components that influence the salary of the ESKOM CEO, this includes performance goals, internal compensation policies, market benchmarking, and more.
What are the sources of income for the CEO of ESKOM?
The CEO has multiple sources of income, with the ESKOM company offering his salary as the main source. The other sources of income include performance bonuses, advisory roles, long-term incentives, investments, etc.
Who is the CEO of ESKOM in 2023?
The former Chief Executive Officer (CEO) Andre de Ruyter unexpectedly resigned from his position in February 2023, which led to the appointment of Calib Cassim as the new head and CEO of ESKOM.
In conclusion, ESKOM is a state-owned enterprise of immense importance in South Africa, responsible for supplying electricity to millions of households, businesses, and industries. The compensation package of its CEO is the subject of curiosity and debate. The former CEO of ESKOM Andre de Ruyter earned approximately R7.4 million (Rand) and was considered the highest-paid board member.
The current CEO of ESKOM earns about R 9 million (Rand) per year and R126,092 (Rand) per month. However, this is the estimated amount and the exact figure is not known. Salary is the main source of income for the CEO of ESKOM and the other additional sources of income include, performance bonuses, long-term incentives, consulting, investments, pension plans, and additional perks (health, retirement benefits, and life insurance).
The exact assets and possessions under the current CEO of ESKOM are not disclosed which makes it harder to deduce his net worth accurately. As a result, the CEO’s true financial standing remains a subject of speculation. However, while his net worth remains undisclosed, he is regarded as one of South Africa’s millionaires, reflecting his financial success and achievement.