Bob van Dijk’s mind-boggling Naspers pay cheque: R1 million a day!

Naspers boss gets R330 million while newspapers are being closed down and journalists and others are fired.

The extravagant payment of R330 million to the Naspers boss, Bob van Dijk, is extremely insensitive and in no way justifiable.

This was the reaction of Dirk Hermann, CEO of Solidarity, after Bussinesstech published a breakdown of Van Dijk’s income amidst the bombshell announcement last Tuesday by CEO of Media24 Ishmet Davidson that a proposed restructuring of the company could lead to the loss of at least 400 jobs.

With only a small print media portfolio remaining, Media24 also decided to divest its media logistics business, On the Dot.

While the print editions of Beeld, Rapport, City Press, Daily Sun and Soccer Laduma will be closed, the digital (PDF) editions of Volksblad and Die Burger Oos-Kaap, and the digital hub SNL24 will also be shut down, Davidson said.

A breakdown of Bob’s income

Van Dijk, who stepped down as CEO in September 2023, still remains at the group until September 2024.

According to Naspers’ remuneration report for the year from 1 April 2023 to 31 March 2024, Van Dijk put a head-spinning R330 million in his pocket. His consultancy commenced on 1 April 2024, for which he will be paid R2.2 million per month until the end of September.

The former CEO received a basic salary of $1.4 million and a bonus of $1.4 million. Additionally, various share options boosted his total single salary payout to $18.27 million for the year (R330 million). This amount included a $747,000 severance payment (R13.5 million).

“Put another way, the latest pay data shows that the former Naspers CEO earned just under R1 million a day for the past financial year, adding to the insane salary he has taken home since being appointed Naspers chief in 2014,” Businesstech reported.

“Adding the latest pay data, the van Dijk earned over R1,8 billion during his 10-year stay at the company, taking home close to R500,000 a day.”

Lavish pay for Bob amid 400 job cuts

Hermann didn’t mince words when speaking his mind about the “improper flow of money” to top management, while titles like Rapport and Beeld are closed for financial reasons.

“Around 400 people will be laid off. Only Van Dijk’s compensation can wipe out the anticipated loss of the titles. It’s just totally overboard. While he walks away with hundreds of millions, a journalist with a nine-month-old baby writes to us about the crisis if she is retrenched,” said Hermann.

He continued to say that while Solidarity’s members receive lay-off letters because of the company’s poor financial performance, “he gets a bonus of R26 million in the bank. While we fight to negotiate a basic severance package for innocent employees, he walks away with a severance package of R13.5 million. After his severance package, he is still paid R2,2 million per month. The company will definitely have to explain this when Solidarity consults on behalf of its members”.

Hermann said while his union members receive retrenchment letters due to the company’s poor performance, Van Dijk gets a bonus of about R26 million in the bank for his performance.

“While we fight to negotiate a basic severance package for innocent employees, he walks home with a severance package of R13.5 million. After his severance package, he is still paid R2.2 million per month. The company will definitely have to explain this if Solidarity consults on behalf of its members,” said Hermann.

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