{"id":322389,"date":"2019-06-10T10:52:57","date_gmt":"2019-06-10T08:52:57","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=322389"},"modified":"2019-06-10T10:52:57","modified_gmt":"2019-06-10T08:52:57","slug":"pick-n-pay-ceo-scores-massive-r32-million-payday","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/322389\/pick-n-pay-ceo-scores-massive-r32-million-payday\/","title":{"rendered":"Pick n Pay CEO scores massive R32 million payday"},"content":{"rendered":"

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.<\/p>\n

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).<\/p>\n

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%.<\/p>\n

Gross profit increased 7.8% to R16.4 billion, with gross profit margin improving from 18.9% to 19%.<\/p>\n

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

CEO pay<\/strong><\/p>\n

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.<\/p>\n

Chief financial officer (CFO) Bakar Jakoet took home R20.5 million (2018: R5.4 million).<\/p>\n

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.<\/p>\n

\"\"<\/a><\/p>\n

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).<\/p>\n

Total remuneration, including payments to non-executive directors, totalled R80 million for the year, up from R37 million in the previous period.<\/p>\n

The table below outlines how executive salaries translate to earnings per day, over 365 days.<\/p>\n

Stats SA\u2019s 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.<\/p>\n

\n
\n\n\n\n\n\n\n\n\n
Employee<\/strong><\/td>\nTotal Remuneration<\/strong><\/td>\nAverage per day<\/strong><\/td>\n<\/tr>\n
R Brasher<\/td>\nR31.99 million<\/td>\nR87 640<\/td>\n<\/tr>\n
B Jakoet<\/td>\nR20.49 million<\/td>\nR56 140<\/td>\n<\/tr>\n
R van Rensburg<\/td>\nR10.25 million<\/td>\nR28 090<\/td>\n<\/tr>\n
S Ackerman-Berman<\/td>\nR4.10 million<\/td>\nR11 235<\/td>\n<\/tr>\n
J Ackerman<\/td>\nR2.31 million<\/td>\nR6 320<\/td>\n<\/tr>\n
South Africa average<\/em><\/td>\nR242 280<\/em><\/td>\nR650<\/em><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n
\n

Read: 125,000 people are now using Pick n Pay\u2019s credit account to help buy groceries<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

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.<\/p>\n","protected":false},"author":10,"featured_media":322445,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872],"tags":[26],"class_list":["post-322389","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/322389","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=322389"}],"version-history":[{"count":4,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/322389\/revisions"}],"predecessor-version":[{"id":322483,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/322389\/revisions\/322483"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/322445"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=322389"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=322389"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=322389"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}