Business

Man running the most valuable food retailer in South Africa now earns R2.2 million a week

Malcolm Libera

 ·12 Oct 2026

Shoprite CEO Pieter Engelbrecht earned R117.8 million in the 2026 financial year, which works out to approximately R2.26 million a week.

According to Shoprite’s latest remuneration report, Engelbrecht’s total earned remuneration increased from R87 million in 2025 to R117.793 million in 2026, a net increase of R30.788 million.

The main reason for the increase was a once-off performance-related award linked to the conclusion of a three-year incentive programme.

The report explained that the Executive Super Stretch Incentive (ESSI) contributed R36.403 million to Engelbrecht’s remuneration in 2026, compared with nothing in the previous financial year.

Although the share appreciation rights associated with the award only vest after the financial year ended, the amount was included in remuneration because the performance period had been completed.

The incentive was linked to a three-year target established in 2023, with the report recording 100% achievement.

The share appreciation rights were awarded in October 2023 at R235.63 and are scheduled to vest in October 2026, with settlement in three instalments in October 2026, 2027 and 2028.

Engelbrecht’s fixed remuneration also increased during the year. His guaranteed pay rose from R20.971 million to R22.027 million, including a base salary of R21.138 million, up from R20.019 million.

The report attributed the base salary increase to an “inflation-based increase awarded in July 2025”. 

Pension fund and medical aid benefits rose to R562,000, while other payments, including his car allowance, subsistence allowances and employee discounts, declined to R327,000.

His short-term incentive increased from R18.088 million to R21.328 million after he achieved 108.3% of the operational targets for the year, up from 96.9% in 2025.

However, the value of shares that vested under the Executive Share Plan fell from R25.895 million to R18.209 million.

Payments deferred under the executive incentive arrangement also declined, from R20.849 million to R17.719 million.

Engelbrecht’s qualifying dividends from unvested shares increased from R1.202 million to R2.107 million.

Building the most valuable retailer in South Africa

He joined Shoprite in 1997 and spent a decade heading the group’s executive projects office, helping establish businesses including Money Market, Usave and LiquorShop.

He also oversaw strategic acquisitions, including Computicket and Transpharm Pharmaceutical Wholesalers.

After becoming COO in 2005, Engelbrecht worked alongside former chief executive Whitey Basson for more than a decade. He succeeded Basson as CEO on 1 January 2017.

Under his leadership, Shoprite has expanded its digital retail and financial services operations, including the launch of Checkers Sixty60 in 2019 and the Xtra Savings rewards programme.

The group has also developed its Money Market offering into a broader financial services platform, including a transactional account with no monthly fee.

Shoprite’s financial results for 2026 show the scale of the business Engelbrecht now leads. Group sales increased by 7.2% to R270.8 billion, while trading profit rose 8.4% to R16.2 billion.

Its trading margin reached 6%, and earnings before interest, tax, depreciation and amortisation amounted to R25.8 billion.

Customer visits increased by 4.5% to 1.3 billion, while sales volumes grew by 5.6% to 9.3 billion products. The retailer also added 5,491 direct jobs, taking its permanent workforce to 174,430 employees.

The group declared R4.7 billion in dividends, increasing its total dividend by 11.8% to 873 cents per ordinary share.

Shoprite’s market capitalisation reached approximately R192 billion in October 2026, making it South Africa’s most valuable food retailer as shares gained around 80% over the past five years.

Pieter Engelbrecht‘s total remuneration summary table