{"id":344876,"date":"2019-10-07T18:00:57","date_gmt":"2019-10-07T16:00:57","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=344876"},"modified":"2019-10-07T18:32:45","modified_gmt":"2019-10-07T16:32:45","slug":"meet-the-retail-bosses-who-earn-around-r70000-a-day","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/wealth\/344876\/meet-the-retail-bosses-who-earn-around-r70000-a-day\/","title":{"rendered":"Meet the retail bosses who earn around R70,000 a day"},"content":{"rendered":"

Listed retail group Clicks has published a trading statement, reporting a stronger than expected performance in the second half of its 2019 financial year.<\/p>\n

The group told shareholders to expect headline earnings to jump between 15% and 18%, when it reports its full year financials towards the end of October.<\/p>\n

Clicks is one of the few listed retailers in South Africa that has seen a stronger performance in what has become an incredibly challenging economic environment – particularly around consumer spending.<\/p>\n

Woolworths recently presented its annual results<\/a><\/strong>, showing muted profit growth of 2.5%, driven largely through its food segment – while Pick n Pay fared better in its annual results earlier in the year, seeing profits jump 7.8%.<\/p>\n

On the other side of the spectrum, Shoprite has suffered in the current economic climate, seeing profits fall by over 18% in the year, while Massmart posted its first loss in 20 years.<\/p>\n

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

Despite the mixed results in the retail sector, chief executives in the space are still very well paid.<\/p>\n

In FY 2018, former Clicks CEO David Kneale (who fully stepped down from the company at the end of August 2019) took home R70 million for the year – however, this was largely due to the payout of his long-term incentive scheme.<\/p>\n

The second top-earner in the retail space is Pick n Pay’s chief executive, Richard Brasher, who earned R32.5 million for the year.<\/p>\n

In terms of basic salaries, the likes of Woolworths’ Ian Moir and Shoprite’s chief executive Pieter Englebrecht were the biggest earners, with R18.9 million and R16.1 million, respectively.<\/p>\n

Ignoring bonuses and benefits paid out, Moir earned R51,800 per day (split across 365 days) – compared to Kneale’s R27,150 per day. These figures could be much higher, considering there are around 261 work days in a year.<\/p>\n

The table below outlines how South Africa’s retail bosses got paid in the latest available financial year (2018 and 2019, as indicated).<\/p>\n

\n
\n\n\n\n\n\n\n\n\n\n\n\n
Retail group<\/th>\nCEO<\/th>\nYear<\/th>\nSalary<\/th>\nZAR Per day<\/th>\nWithout bonuses<\/th>\n<\/tr>\n
Clicks<\/td>\nDavid Kneale*<\/td>\n2018<\/td>\nR69.7 million<\/td>\nR190 950<\/strong><\/td>\nR27 150<\/td>\n<\/tr>\n
Pick n Pay<\/td>\nRichard Brasher<\/td>\n2019<\/td>\nR32.5 million<\/td>\nR88 980<\/td>\nR27 780<\/td>\n<\/tr>\n
TFG<\/td>\nAnthony Thunst\u00f6m<\/td>\n2019<\/td>\nR23.2 million<\/td>\nR63 520<\/td>\nR17 170<\/td>\n<\/tr>\n
Woolworths<\/td>\nIan Moir<\/td>\n2019<\/td>\nR23.0 million<\/td>\nR63 130<\/td>\nR51 800<\/strong><\/td>\n<\/tr>\n
Shoprite<\/td>\nPieter Engelbrecht<\/td>\n2019<\/td>\nR21.3 million<\/td>\nR58 280<\/td>\nR44 190<\/td>\n<\/tr>\n
Dis-Chem<\/td>\nIvan Saltzman<\/td>\n2019<\/td>\nR12.8 million<\/td>\nR35 170<\/td>\nR34 190<\/td>\n<\/tr>\n
Massmart<\/td>\nGuy Hayward<\/td>\n2018<\/td>\nR12.8 million<\/td>\nR35 060<\/td>\nR17 380<\/td>\n<\/tr>\n
Spar Group<\/td>\nGraham O’Connor<\/td>\n2018<\/td>\nR11.4 million<\/td>\nR31 180<\/td>\nR16 030<\/td>\n<\/tr>\n
Average<\/strong><\/em><\/td>\n<\/td>\n<\/td>\nR10.8 million<\/strong><\/em><\/td>\nR70 780<\/strong><\/em><\/td>\nR29 460<\/strong><\/em><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

* Kneale stepped down as Clicks CEO at the end of August 2019<\/em><\/p>\n

The graph below outlines how the total pay is split between basic salary and bonuses and benefits.<\/p>\n

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

\n

Read: Woolworths boss scores big payday<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Despite the mixed bag of results in the retail sector, chief executives in the space are still very well paid.<\/p>\n","protected":false},"author":10,"featured_media":308804,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9880],"tags":[11649,26,10387,4067,7520,9838,9214,949],"class_list":["post-344876","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-wealth","tag-dis-chem","tag-headline","tag-massmart","tag-pick-n-pay","tag-shoprite","tag-spar","tag-tfg","tag-woolworths"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/344876","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=344876"}],"version-history":[{"count":9,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/344876\/revisions"}],"predecessor-version":[{"id":345044,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/344876\/revisions\/345044"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/308804"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=344876"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=344876"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=344876"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}