Top executives at S.Africa's FirstRand take pay cut for 3 months amid virus

Top bosses of South Africa’s FirstRand will take a one-third pay cut for three months, with the money to go to its fund focused on boosting critical healthcare capacity in the country in the coronavirus crisis, the bank said on Saturday.

Chief executive Alan Pullinger, chief financial officer Harry Kellan and chief operating officer Mary Vilazaki will all have their salaries reduced after President Cyril Ramaphosa cut top officials’ salaries by the same amount on Thursday and called on others, including business leaders, to do the same.

“The President’s request is meaningful, and we believe he is right to ask business leadership to step up and make the same sacrifice, particularly given what is at stake for our country,” Pullinger was quoted as saying in a statement.

He joins boss of rival lender Nedbank, Mike Brown, in heeding Ramaphosa’s call.

Pullinger’s total remuneration was worth just under 49.8 million rand ($2.7 million) last year, with Kellan’s worth 29.7 million rand and Vilakazi’s worth 25 million rand, according to the company’s latest annual report.

The South African Reserve Bank has also asked lenders to skip bonuses in light of the coronavirus outbreak.

The money from their salaries will be donated to a fund set up by the lender to increase healthcare capacity in South Africa, including the provision of protective equipment for health workers.