Pick n Pay CEO scores massive R32 million payday

Pick n Pay has published its annual financial statements for the year ending March 2019, revealing how much its chief executive officer (CEO) and other top executives got paid.

In reporting its financial results for the year – despite a challenging trading environment – the company said that it saw market-leading sales performance with turnover up 7.1% (7.4% in South Africa).

Headline earnings per share grew 18%, with diluted headline earning per share up 18.8%. Profit before tax (PBT) was up 17.3%, with the PBT margin improving from 2.2% to 2.4%.

Gross profit increased 7.8% to R16.4 billion, with gross profit margin improving from 18.9% to 19%.

There was a total annual dividend of 231.10 cents per share, up 22.4%, which equated to over R1 billion for shareholders.

CEO pay

The group’s executives were well rewarded for the results, with CEO Richard Brasher taking home a total pay package of R32 million for the year (2018: R11.4 million), including a fixed salary of R11.4 million and a bonus of R20.6 million.

Chief financial officer (CFO) Bakar Jakoet took home R20.5 million (2018: R5.4 million).

Notably, the 2019 payout represents a significant increase from 2018, with Brasher’s salary jumping 180% (from R11.4 million). Pick n Pay’s successful financial year played out in much higher bonus payouts in 2019, accounting for much of the increases.

Total salaries paid to executive directors totalled R69.12 million for the year (averaging R13.82 million per executive) – up significantly from R28.47 million in 2018 (R5.69 million per executive).

Total remuneration, including payments to non-executive directors, totalled R80 million for the year, up from R37 million in the previous period.

The table below outlines how executive salaries translate to earnings per day, over 365 days.

Stats SA’s latest Quarterly Employment Survey, showed that the average employee in South Africa earned R20,190 a month, or R242,280 a year – this averages out at R650 a day.

Employee Total Remuneration Average per day
R Brasher R31.99 million R87 640
B Jakoet R20.49 million R56 140
R van Rensburg R10.25 million R28 090
S Ackerman-Berman R4.10 million R11 235
J Ackerman R2.31 million R6 320
South Africa average R242 280 R650

Read: 125,000 people are now using Pick n Pay’s credit account to help buy groceries

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Pick n Pay CEO scores massive R32 million payday