Business

Woolworths CEO sells R37 million in shares

Luke Fraser

 ·9 Dec 2025

Woolworths CEO Roy Bagattini has sold R37 million worth of shares in the company amid a pushback over his and other executives’ pay. 

Bagattini, who became CEO of Woolworths in 2020, sold 650,000 shares for an average of 5669.12 cents per share. 

The transaction, which took place on December 5, 2025, totalled just under R36,850,000. 

For the financial year ended June 30 2025, Bagattini’s single-figure remuneration rose R79.9 million, compared to R65.3 million in the prior year. 

Newly-appointed CEO of Woolworths Food, Sam Ngumeni, saw his single-figure remuneration also rise from R20.9 million to R26 million – he was previously the group’s Chief Operating Officer. 

Group Finance Director Zaid Manjra saw his single-figure remuneration grow from R5.2 million in FY24 to R9.2 million in FY25. 

As reported by News24, Woolworths shareholders challenged the company’s remuneration policy at its annual general meeting (AGM). 

At the AGM, 62.39% of those eligible to vote were in favour of endorsing the remuneration policy, with 37.61% voting against. 

While voting on the remuneration policy is non-binding, it helps companies gauge the sentiment of shareholders.

According to the King IV Code of Governance, Woolworths should engage with shareholders if it receives less than 75% of the votes. 

Woolworths’ board stated that it was “cognisant of shareholder concerns” and offered shareholders the opportunity to submit written concerns to the company secretary. 

Troubled period

The executive pay rise comes amid a relatively poor performance from the group despite the strength of its food business. 

The food business saw above-market turnover and concession sales growth of 11.0%, with sector-leading growth of 7.7% on a comparable-store basis.

The group’s Fashion, Beauty and Home (FBH) segment saw turnover and sales increase by 4.7% and 5.1% on a comparable store basis, respectively.

However, the net trading space for FBH decreased by 2.3% relative to the prior comparable period, and FBH’s Adjusted EBITDA of R2,491 million was a decline of 0.4% against the prior comparable period. 

Australia’s Country Road Group (CRG) also underwent a massive restructuring, which looks to reconfigure its operating model. 

Sales for CRG dropped by 5.4% and 6.8% on a comparable-store basis, with its reported aEBITDA of A$103.9 million, a decline of 41.1% versus the prior comparable period. 

CRG reassessed the carrying value of the assets of the underperforming brands within CRG, which were impaired by R917 million. 

Amid these issues, the group’s earnings per share declined by 5.5% to 273.4 cents. Headline earnings per share also fell by 26.4% to 268.1 cents. 

The group’s total dividend fell from 265.5 cents per share a year before to just 188 cents per share.

While the group faces challenges, PSG Wealth Equity Analyst Fisokuhle Mbutho recently gave the stock a buy recommendation. 

Mbutho said that the strong food performance will offset volumes in FBH and the macroeconomic challenges facing CRG. 

A recent trading update for the 19 weeks ended November 9, 2025, also shows some improvements for the group, with turnover and concession sales for the period growing well above inflation at 6.2%.