Mr Tidjane Thiam, the Ivorian Chief Executive of UK insurance firm Prudential, received a salary and incentives package of ?11.8 million in 2014, an increase of 36 per cent over 2013, according to company accounts released this week.
The package is made up of a base salary of ?1.06 million; an annual bonus of ?2.12 million; vested share awards totalling ?8.25 million; and ?265,000 in pension payments.
After six years at the top, Mr. Thiam is leaving the Prudential to become CEO of Credit Suisse in June.
A former Minister of Planning and Development in Cote d?Ivoire, he became the first black person to head one of the top 100 companies listed on the London Stock Exchange (FTSE 100) when he was appointed Group Chief Executive of the Prudential in 2009, having joined the company as Chief Financial Officer in March 2008.
Under his leadership, the Prudential?s share price rose 2.8 times while shareholders enjoyed returns that increased by 413 per cent, as opposed to the FTSE 100?s average of 91 per cent.
When Mr. Thiam announced last month that he was leaving, the Prudential?s share price fell by three per cent, demonstrating the worth of the 52-year-old to the company.
This was acknowledged by company Chairman, Paul Manduca, who said: “Tidjane has been one of the most exceptional leaders in Prudential’s long and illustrious history. From leading the group through the financial crisis at the end of the last decade, first as CFO and then as CEO, to shaping an Asia-focused strategy that has seen Prudential grow into an ever more successful UK-based financial services business, he has been a great servant to the company and all its stakeholders in his seven years on our Board.?
He went on: “Although the Board will be sorry to see him go, we understand his desire to take on a new challenge with another global leader in a different part of the financial services sector, headquartered in Switzerland, and we wish him every success in his new role.?
Mr. Thiam said: “It has been a privilege and a pleasure to lead one of the iconic companies in UK financial services. We have successfully navigated some challenging times, including the global financial crisis, and have emerged with four profitable and strongly cash-generative businesses.
“Prudential in Asia has more than doubled in size and profitability since 2009 and is a clear leader in insurance in the world’s most populous and dynamic region. In the US, Jackson National Life has become market leader in variable annuities while diversifying its product mix and remitting substantial cash to the Group.
“Our traditional UK life business has performed robustly, while M&G has grown into one of the largest and most successful asset managers in Europe.
“All of that has been achieved as a result of the dedication and teamwork of the Group leadership and our talented people around the world and it has been an honour to lead them. There are no words that could adequately express my gratitude to Prudential’s people,? Mr. Thiam added.
A member of the Africa Progress Panel, Mr. Thiam was reported by the UK newspaper The Sunday Telegraph in 2012 to have turned down a personal request by President Barack Obama?s Chief of Staff to become head of the World Bank?s International Finance Corporation (IFC).
The Prudential, founded in London in 1848, has about 24 million insurance customers and ?496 billion of assets under management.