Aspen Pharmacare Investors Eye Ceo's 1.2 Million Pay After Weak Results

Aspen Pharmacare Holdings shareholders are heading into next weeks annual meeting with plenty to question, starting with how much the chief executive is paid. The South African drugmaker has delivered underwhelming results in recent years, leaving investors with a three-year total loss of about 25 even as broader markets moved higher. Yet CEO Stephen Saad received total compensation of 21 million rand 1.2 million in the year to June 2025, according to company disclosures and analyst estimates. The company, which has a market value of about 42 billion rand, cut his package by roughly 24 from the previous years 27 million rand after a tougher spell for earnings. On its own, that may still be a hard sell. Among South African pharmaceutical companies with market capitalizations between 34 billion and 110 billion rand, the median CEO package sits around 13 million rand well below Saads pay. The structure of his compensation is also drawing attention. Aspen paid Saad a salary of about 10 million rand, with the rest made up largely of bonuses and incentives, leaving fixed pay at roughly half of the total. Across the wider industry, salary accounts for a slightly larger share of CEO pay, with variable elements making up the balance. Supporters on the board can point to one factor in his favor: Saad owns a large personal stake in Aspen, with shares worth several billion rand. That makes him one of the wealthiest insider shareholders on the Johannesburg exchange and ties his net worth directly to the companys share price. Even so, the growth numbers are difficult to ignore. Over the last three years, Aspens earnings per share have fallen sharply on average, while revenue declined in the most recent period. That mix shrinking profits, weaker sales and a still-elevated pay package is likely to color debate at the Dec. 4 annual general meeting, where shareholders will be asked to vote on resolutions including executive remuneration and company strategy. Aspen, once seen as one of South Africas standout growth stories, has faced rising pressure from generic competition, tighter pricing regulation and the hangover from past debt-fueled expansion. Its shares have dropped heavily over the past year, leaving long-term investors frustrated and increasingly vocal about capital allocation and returns.