Business

The man paid R120,300 a day to stop the collapse of iconic South African retailer that sponsors the Springboks

Malcolm Libera

 ·12 Jul 2026

Pick n Pay CEO Sean Summers has earned more than R131 million in his first three years in his reappointment to save the iconic South African retailer. 

This averages just over R120,300 a day while pursuing a strategy to turn the troubled company around, which is starting to bear fruit. 

According to Pick n Pay’s annual reports since his reappointment, Summers was brought back as the retailer battled mounting losses, growing debt and a weakening balance sheet.

“The Group was facing a crisis and swift and decisive action was required to stem the losses, stabilise the balance sheet and secure Group liquidity over the longer term,” the board said. 

It responded by appointing Summers as CEO on 30 September 2023. The board noted that he swiftly implemented substantial changes in our senior leadership and operational structures.

The retailer made it clear that Summers returned with one overriding objective. “Sean Summers’ appointment comes with a clear mandate to fix the core Pick n Pay business,” the company said.

“The main drivers of the strategic plan have a key focus on improving the performance and profitability of the company-owned Pick n Pay stores and the rest of the business.”

Summers also rebuilt the executive team soon after taking charge, using a number of current, new and former executives. The company added that many executives had previously been operating outside their areas of expertise.

“I found a team that was more than willing to be motivated to transform the Pick n Pay business and restore it back to its rightful place in the retail landscape,” said Summers. 

His remuneration has varied significantly over the past three financial years, largely because of the timing of his appointment and the accounting treatment of long-term share awards rather than annual cash bonuses.

In the 2024 financial year, Summers received only five months’ salary because he joined midway through the year. 

His remuneration reflected five months’ service, with his package benchmarked against comparable executive roles.

His guaranteed remuneration rose to R24.9 million in the 2025 financial year because it represented his first full 12 months as CEO.

Summers elected not to receive any salary increases during the 2026 financial year

In 2026, although the reported figure increased slightly to R25.2 million, Pick n Pay stressed that the CEO received no increase in 2026, and that the table reflected the annualisation of the FY25 increase implemented in June 2024.

The company added that no salary increases were awarded to executive management, including the CEO and CFO.

Notably, Summers has not received any short-term cash bonuses (STIs) since returning. The reports state that under his contract of employment, the CEO is not eligible to receive an STI until FY27.

Much of his reported remuneration comes from long-term restricted share awards. In 2025, the remuneration committee granted Summers four million performance-based shares linked directly to the turnaround strategy.

“The performance conditions combine qualitative and quantitative performance indicators critical to the turnaround of the Pick n Pay supermarket business,” the company explained.

The board also extended Summers’ contract until May 2028, saying the move would “ensure continuity and stability in the leadership team during a period of significant strategic transformation.”

The accounting charge linked to those shares exceeded R40 million in 2025 before falling to R31.5 million in 2026 after one million shares were forfeited when Pick n Pay delayed its break-even target from 2028 to 2029.

To save Pick n Pay, Summers’ six-point strategy included recapitalising the business, rebuilding leadership, resetting the store portfolio, improving pricing and product ranges, strengthening supplier and franchise relationships, and reducing costs.

The most important element was the listing of Boxer. Together with a R4 billion rights offer, the Boxer transaction raised R12.5 billion.

“The Boxer listing unlocked shareholder value and raised R8.5 billion. Together, these transactions raised R12.5 billion, eliminating Group net debt and creating a stable financial foundation for both businesses to pursue their strategic agendas,” the company said.

A further sale of Boxer shares in May 2026 raised another R4.7 billion while allowing Pick n Pay to retain majority control.

The company said the transaction further strengthened the Group’s financial flexibility and ensured we have the resources required to continue investing ahead of the turnaround.

The strategy is beginning to deliver results. Like-for-like sales at company-owned supermarkets improved to 3.9%, gross profit margins strengthened, and online sales jumped 32.7%.

However, the retailer acknowledged that the recovery remains incomplete. Trading losses widened to R953 million, labour restructuring is underway, and the break-even target has been pushed back to 2029.

Throughout the turnaround, Pick n Pay has also continued investing in its brand, including a four-year sponsorship agreement with the Springboks.

The retailer said the partnership unites “two iconic South African brands” and will help “unlock powerful new opportunities to serve our customers” while boosting visibility and reinforcing the company’s relevance as it works to restore its position in South African retail.

CEO Sean Summers’ total single-figure remuneration (2024 to 2026)