Salary benchmarking: Here’s what mobility CEOs earn

From the newsletter

Top executives in African mobility companies earn an average minimum annual salary of $115,000, according to salary benchmarking conducted in partnership with Shortlist, a leading recruitment agency. Our data covers mid-sized mobility companies in Kenya, South Africa, Nigeria and Egypt, and it reflects compensation specifically for the top senior role in a company.

• The average retention salary benchmark, which reflects pay needed to keep top talent in leadership roles over time, is $134,000 for a general management role.

• Professional non-executive directors in the sector earn a minimum of $1,500 per year as a threshold rate. However, not all companies pay their non-execs.

More details

• Top executives in South Africa’s mobility sector command the highest starting salaries across the four countries, with a minimum threshold of $140,000 per year. This reflects the country’s more mature automotive market and competitive executive hiring landscape. Kenya follows with a minimum of $108,000, driven by its fast-growing mobility tech scene. Nigeria and Egypt trail behind at $97,000 and $92,000 respectively.

• When it comes to retaining senior talent, companies must be ready to pay significantly more, especially in competitive markets. In South Africa, retention packages can reach up to $205,000 annually to prevent poaching from global players or well-funded startups. In Kenya, the figure goes up to $156,000, while Nigeria and Egypt offer retention salaries of $142,000 and $134,000 respectively.

• Professional non-executive directors are also best compensated in South Africa, where the minimum annual rate is $2,300. In Kenya, it’s $1,800, followed by Nigeria at $1,600 and Egypt at $1,500. These individuals are usually not involved in daily operations but bring in governance expertise, risk oversight, and strategic direction, particularly in investor-backed or regulator-sensitive environments.

• Retention pay for these non-executive directors increases considerably in response to market demand, with top-tier professionals in South Africa earning up to $7,000 per year. Kenyan firms go up to $5,400, while in Nigeria and Egypt, the figures cap at $4,900 and $4,600, respectively. Retaining such directors is critical, especially for companies preparing for investment rounds, mergers, or regulatory scrutiny, where experience and independence are highly valued.

• Multinational or well-capitalised mobility firms occasionally offer premium executive salaries far above market averages. In rare but notable cases, these companies pay as high as $351,000 per year in South Africa, $270,000 in Kenya, $243,000 in Nigeria, and $230,000 in Egypt. These premium packages are often tied to global performance targets, regional oversight, or specialised turnaround mandates that require world-class talent.

• The same applies to non-executive director roles in such firms, where premium annual rates can go up to $12,000 in South Africa, $9,000 in Kenya, $8,100 in Nigeria, and $7,700 in Egypt. These rare cases are driven by global governance standards, the need for highly experienced advisors, and compensation structures that match international boardroom expectations.

Our take

• Countries such as South Africa and Kenya are expected to continue increasing executive salary averages as their economies and digital sectors mature. In 2024, for example, South Africa recorded a near 12% rise in top executive pay; a trend likely to extend into mobility firms.

• Executive pay in the mobility sector across these African markets remains among the highest compared to sectors like mining or telecommunications. However, it still lags behind comparable roles in larger emerging economies such as India and Brazil.

• Hiring seasoned executives from conventional mobility firms can fast-track growth in electric vehicle companies by tapping into their operational experience, safety expertise, and regulatory networks. However, their compensation should incorporate long-term incentives and advisory benefits, in line with global executive pay standards.