Simon Baloyi went from a rural village without running water or electricity to earning R42.9 million a year as the CEO of Sasol.
Simon Baloyi went from a rural village without running water or electricity to earning R42.9 million a year, or R117,534 per day, as the CEO of Sasol.
Baloyi, who leads one of South Africa’s largest companies, grew up in a rural village in Hammanskraal, north of Pretoria.
Speaking at the 9th BizNews Conference in Hermanus, he said his childhood was characterised by challenges that would be unfamiliar to many South Africans today.
From the age of seven until he completed school at 19, Baloyi walked over 10 kilometres to school each day. His family home had no electricity or running water.
However, Baloyi believes these difficult circumstances helped shape his character rather than define his limitations.
“That adversity bears resilience in a person. It also teaches you to be optimistic in every situation. The negatives are always there, but as a person, you learn to be optimistic,” he said.
His upbringing also taught him the importance of community. Fetching water from a communal well meant understanding that resources had to be shared, while his daily walk to school taught him about responsibility for others.
“Even if you are the first, you can’t use all the water. You have to think of others,” Baloyi said.
As a young child walking to school, he would be looked after by older pupils. When he became older, he took responsibility for younger children making the same journey.
A major turning point came through his father’s employer, Jan Hercules. Baloyi’s father, who had only completed grade 4, worked as a driver transporting building materials.
Hercules recognised the importance of education and paid for Baloyi’s textbooks from grade 6 until he completed matric. Baloyi said this relatively small gesture had a profound impact on his life.
“For me, it’s what we call the parity movement, a small action that almost changes our lives so hugely,” he said. “It planted the seed of generosity and empathy for others.”
The support helped him complete school, attend the University of the Witwatersrand, and eventually earn a Master’s degree in Chemical Engineering.
Sasol then awarded him a bursary, and he joined the company in 2002 as a process engineer. Over the next two decades, Baloyi worked across Sasol’s businesses in South Africa and internationally, including in Secunda and Sasolburg.
“Sasol sent me overseas. I’ve worked in most of our businesses,” he said. In April 2024, he became Sasol’s CEO, replacing Fleetwood Grobler at one of the most difficult periods in the company’s recent history.
Sasol reported a R44.25 billion loss in 2024, while impairments reached a record R76.04 billion. Baloyi was tasked with continuing Sasol’s turnaround and restructuring efforts.
The company has since returned to profitability, reporting turnover of R272.12 billion for the year to June 2026 and earnings of R14.46 billion, compared with the massive loss two years earlier.
The turnaround has also resulted in a substantial increase in Baloyi’s remuneration. His total annual package rose from R25.9 million in 2025 to R42.9 million in 2026, equivalent to roughly R117,534 per day.
Notably, his base salary only increased from R12.51 million in 2025 to R16.29 million in 2026, a 30.22% market-related adjustment.
Therefore, the significant rise in Baloyi’s remuneration package came from a substantial annual short-term incentive.
80% of Baloyi’s short-term incentive (STI) payout is tied directly to Sasol’s overall STI performance.
Sasol’s financial targets improved in the 2026 financial year, with a 79% and 9% rise in basic and headline earnings per share, respectively, and an 11% reduction in net debt.
20% of Baloyi’s STI reflects his individual performance metrics, as set by Sasol’s board.
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