The contract of Sameer Africa’s chief executive Allan Walmsley runs out next month, with the company’s board set to decide whether to renew it or start a search for replacement.
Mr Walmsley, who was hired in 2012, has a current contract running from August 2016 to July 2018.
“We are yet to meet as a board to discuss the matter. Once we do, we will communicate,” Sameer’s chairman Erastus Mwongera said in an imnterview.
Mr Walmsley's pay was unchanged at Sh25.9 million in the year ended December, nearly double the company’s net profit of Sh13 million in the period.
His remuneration comprises basic pay of Sh20.7 million, pension (Sh4.5 million) and benefits (motor vehicle and telephone allowances) worth Sh649,000.
Sameer joins BOC Kenya among listed firms whose executive compensation surpassed net earnings.
BOC’s executives were paid a total of Sh45.2 million, an amount larger than the Sh39.3 million net profit made by the gas manufacturer in the review period.
BOC’s chief executive Millicent Onyonyi, who resigned on April 30, earned a total of Sh28.9 million in the review period, a 46.7 per cent rise from Sh19.7 million the year before, according to disclosures in the company’s latest annual report.
BOC’s finance director Arthur Kamau earned Sh16.2 million in the review period, up from Sh15.4 million a year earlier.
The company’s net profit dropped 68.8 per cent to Sh39.3 million in the year ended December compared to Sh126.3 million a year earlier on the back of higher costs and 10.1 per cent sales decline to Sh967.6 million.