DRD chief the highest paid gold industry executive
October 3, 2003
By Bloomberg
Johannesburg - Mark Wellesley-Wood, the chief executive of Durban Roodepoort Deep (DRD), made more money than the head of any other South African gold firm in the past fiscal year, the firm said yesterday, a day after it fired about 14 percent of its workers.
Wellesley-Wood made R14.1 million in salary, bonus and in gains on exercised share options in the year to June, the country's fourth-biggest gold producer said in its annual report.
DRD fired the workers to cut costs as it is struggling to keep its two biggest mines open. Its costs are the highest among South Africa's top four gold producers and its profits are the lowest.
The next best-compensated gold mining executive in South Africa is Harmony Gold Mining's Bernard Swanepoel, who made R12.5 million in the year to June. His firm mines almost five times as much gold as DRD and its market value is at R24.8 billion, nearly six times higher than DRD's market capitalisation.
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