It was the sort of story that gets the whole town talking and girls checking whether there is a ring on your finger. A CEO in his 30s earning a million bob a day, meaning he takes home a jaw-dropping Sh375.6m in a year?
Now prepare for the wet blanket. In what is the ultimate nightmare for an editor, Centum Investment Chief Executive Officer James Mworia has trashed the fabulous story in the Business Daily on his stratospheric earnings.
Hours after the paper hit the streets on Wednesday, Mr Mworia denied the reported figures; that his pay had risen to Sh375.6 million in the year ended March as compared to the previous year when he reportedly made Sh201.1 million.
Mworia, through his Twitter handle dismissed the figures terming them as sensational and inaccurate. He said the remuneration was for the entire management team.
His boss, the celebrity businessman Chris Kirubi, has reportedly said he believes in rewarding his young managers as long as they deliver.
The Sh375.6 million remuneration had placed Mworia ahead of the pay of chief executives of largest firms like Safaricom and KCB Group.
Centum Investment started reaping massive benefits after a shift from passive equities investments to large scale projects in different sectors of the economy.
The group invests in real estate and fast moving consumer goods, raising debts, selling assets and structuring joint assets.
It has a performance bonus scheme that rewards employees based on achievements of certain set benchmarks of group’s success that has seen a consistent business growth over the years.
Mworia shared the annual report with details on how the key management which includes executive directors and members of senior management is paid.
According to the Centum Annual Report, total salaries for the key management team is Sh102 million, performance bonus of Sh472 million and retirement scheme contribution of Sh7 million for the year 2017.