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Key Points
• Discovery executives earned a total of $12.10 million in 2024. • CEO Adrian Gore received $1.81 million in total remuneration. • Performance bonuses for executives reached $5.84 million in FY24.
Discovery Holdings has revealed that its top five executives earned a combined R205 million in the financial year ending June 30, 2024. CEO Adrian Gore, South Africa’s billionaire founder of Discovery Group, received R30.7 million ($1.81 million), while the company awarded R99 million ($5.84 million) in performance bonuses to its executives.
Adrian Gore’s remuneration package includes a base salary of R8.4 million ($495,600), a performance bonus of R9.1 million ($536,900), and R11.4 million ($672,600) from the company’s long-term incentive plan. He also received additional benefits, such as medical aid contributions and allowances.
Executive pay breakdown
Despite being Group CEO, Adrian Gore’s total remuneration ranked third among Discovery executives. Neville Koopowitz, CEO of Discovery’s Vitality Group, topped the earnings list with R78.7 million ($4.64 million). Koopowitz’s remuneration package included a base salary of R24 million ($1.42 million) and a R48 million ($2.83 million) performance bonus, partly paid in pound sterling, reflecting his key role in Vitality’s global growth.
Hylton Kallner, CEO of Discovery Bank, earned R50 million ($2.95 million), largely driven by a R22.7 million ($1.34 million) performance bonus. Discovery Bank’s continued expansion toward profitability has been a significant factor in Kallner’s impressive pay package. CFO Deon Viljoen and executive director Barry Swartzberg both earned between R22 million ($1.30 million) and R23 million ($1.36 million), with Viljoen benefiting from the long-term incentive plan, while Swartzberg earned a higher performance bonus.
Market impact and growth
Discovery’s success in 2024 was driven by its strategic initiatives, including Discovery Bank’s rapid growth. In 2022, Discovery Bank, which operates under the “shared-value” model, reached 1 million accounts just two years after its launch, with over R11 billion ($649,000) in deposits and R4.5 billion in credit advances. These milestones reflect Adrian Gore’s ongoing impact on the South African financial services landscape.
The bank continues to grow its customer base by offering innovative products, such as Discovery Pay and the Vitality Travel platform. These new services have solidified Discovery Bank’s competitive position in the digital banking sector, contributing to the overall performance of Discovery Group.
Discovery’s financial standing remains robust, despite experiencing market fluctuations in 2021. That year, the company’s market value dropped by R10.04 billion ($708.87 million) after Gore and co-founder Barry Swartzberg sold shares. However, the company’s recent financial results and ongoing innovation have allowed it to maintain its leadership position in the financial services sector.
Non-executive directors' pay
Non-executive directors at Discovery also saw increased remuneration in 2024. The total payout to non-executive directors was R34 million ($2.00 million), up from R31.5 million ($1.86 million) in the previous year. Among the highest-paid were Sir Mark Tucker, who chairs Discovery and HSBC Holdings, and Richard Farber, with both earning more than R8 million ($472,000). Tucker’s earnings were paid in pounds sterling, and Farber’s in Australian dollars.
Discovery Holdings' ability to attract and retain top talent, including its executives and non-executive directors, continues to drive the group’s performance and ensures that it remains a dominant player in the financial services industry.
