Billionaire Johann Rupert's Remgro has paid chief executive Jannie Durand $13.8 million over 14 years

Jannie Durand has been paid R227.6 million, about $13.8 million at current exchange rates, since taking over as chief executive of Remgro, the investment holding company chaired by South Africa's richest man, Johann Rupert.

Durand was appointed on May 7, 2012, and runs the day-to-day operation of a portfolio valued at well over R100 billion. The figure covers fixed pay and long-term incentives across 14 financial years, according to the company's annual reports.

His remuneration has moved sharply with market cycles. The first year was a partial one at R6.5 million. Increases followed in 2013 and 2014, which Remgro described as once-off adjustments reflecting his expanded responsibilities and intended to bring his pay to a market-related level. By 2016 the total stood at R12.4 million.

Two years account for the bulk

The largest packages came in 2022 and 2023, when historical share awards regained value after the pandemic. Durand received R25.1 million in 2022 and R39.8 million in 2023, the peak year, when long-term incentives alone contributed R23.4 million after performance conditions linked to shareholder returns were met.

The awards fell away as quickly. He was paid R17.3 million in 2024 and R18.7 million in 2025.

The pandemic years show the reverse pattern. Durand and other executives accepted a 30 percent salary reduction across April, May and June 2020. The remuneration committee approved no increase for executive directors the following year. Remgro's reports show no long-term incentive payouts were made between 2019 and 2021 because share awards were underwater, meaning the share price sat below the award price, and no new awards were granted.

He also declined increases twice by choice. In 2018 he turned down a 7 percent rise and asked that the equivalent be redirected to Remgro's corporate social investment budget for local initiatives. He repeated the decision in 2019, declining part of an approved increase so the funds could support community projects.

Remgro's reports state that executive remuneration is set according to level of responsibility, overall performance and the achievement of specific agreed objectives, and that long-term incentives render value only if stretching performance conditions are met.

The Rupert structure

Remgro traces to 1948, when Anton Rupert founded the Rembrandt Group as a tobacco business in Stellenbosch. The company expanded into wine, spirits and international markets before listing on the Johannesburg Stock Exchange in 1956.

Johann Rupert restructured the business during the 1990s and early 2000s into three separate vehicles. Richemont became the Switzerland-based luxury goods group that owns Cartier and Montblanc. Reinet became a Luxembourg-based investment vehicle. Remgro remained in Stellenbosch as a diversified South African holding company.

Its portfolio now spans Mediclinic, OUTsurance, Discovery, FirstRand, RCL Foods, Rainbow Chicken, eMedia, Vumatel, Seacom, DFA, TotalEnergies and Heineken Beverages, alongside social impact holdings including the Blue Bulls, the Stellenbosch Academy of Sport and Stellenbosch Football Club.

Rupert remains active chairman. Durand implements group strategy and manages the investments, and has overseen major transactions including the acquisition of Mediclinic Southern Africa, completed this month for $947 million after competition and regulatory approvals.

Earnings running ahead

The pay disclosure lands during a strong period for the group. Headline earnings rose nearly 40 percent to R5.1 billion for the six months to December 31, 2025. The interim dividend increased by more than 80 percent to 173 cents a share.

Durand chairs the boards of RCL Foods and OUTsurance Group and sits on the boards of Heineken Beverages, Namibia Breweries and Mediclinic. He joined the Rembrandt Group in 1996 and served as chief investment officer, financial director and chief executive of group companies before taking the Remgro role. He holds an accountancy honours degree from Stellenbosch University and a management studies degree from Oxford.

He sold R33.6 million of Remgro shares in April as part of a conditional share plan that paid out R52 million across five executives, disclosed through the JSE's news service after market close on April 10.