Share

SABMiller’s former boss pockets R214.2m

Johannesburg – The former boss of SABMiller [JSE:SAB], Graham Mackay, is one of the best-paid bosses in Britain, The Telegraph reported on Tuesday.

According to the company’s annual report Mackay’s total remuneration reached £13.9m (about R214.2m) and included shares that vested under long-term incentive plans. His total remuneration the previous year was £5.9m.

Mackay, who served as CEO for 13 years, was the executive chairperson until April, when the company announced he had undergone surgery for a brain tumour. Alan Clark, SABMiller’s former chief operating officer, took over from him.

Last year Mackay was paid £2.8m in basic salary, benefits and annual cash bonus, less than the £3m he was awarded for the previous 12 months.

Mackay will remain SABMiller’s non-executive chairperson and is on a medical leave of absence while he undergoes treatment. John Manser is the acting chairperson in the meantime.

“The board will keep the position under review as Mr Mackay’s treatment progresses‚ and an appropriate announcement about the future will be made as soon as any definitive decisions have been taken‚” the company announced earlier this month.

In February, Mackay said one of the biggest challenges facing a successor will be continuing to grow the business as strongly in a world with fewer acquisitions to make.

The global beer industry underwent a wave of consolidation over the last two decades.

Deals like these had helped SABMiller's transition from a regional South African brewer to the world's second-biggest, with over 200 brands ranging from Miller Lite and Peroni to Grolsch.


We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.94
-0.0%
Rand - Pound
23.91
-0.0%
Rand - Euro
20.41
+0.1%
Rand - Aus dollar
12.33
+0.1%
Rand - Yen
0.13
-0.0%
Platinum
908.05
+1.2%
Palladium
1,014.94
+1.3%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
0.0%
Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders