Latest news with #R18.5
The Citizen
06-06-2025
- Business
- The Citizen
Pick n Pay CEO receives the highest salary in retail. Here's how much others get
The lowest-paid CEO in grocery retail is Marek Masojada, CEO of Boxer, with R5.6 million, while the highest-paid is Sean Summers (pictured), CEO of Pick n Pay, with R24.9 million. At the top of the corporate ladder, the CEO stands as the face of pressure and power, a single person trusted with steering a company through stormy seas of inflation, consumer hesitancy and relentless competition. Those at the helm of retail companies are paid handsomely due to several factors, including qualifications, experience and responsibilities. These are the people whose vision keeps customers walking through the doors despite the crushing cost of living. The lowest-paid CEO in grocery retail is Marek Masojada, CEO of Boxer, with R5.6 million, while the highest-paid is Sean Summers, CEO of Pick n Pay, with R24.9 million. How do grocery retailers pay? Those who are on the sales floors, in the stockrooms and behind the registers receive significantly less pay despite them being the people who grind through the chaos, carry out plans and turn PowerPoint strategies into tangible success. Is it truly fair that those who ensure the vision comes to life earn a fraction of what the visionary earns? The Companies Amendment Act, signed into law in July 2024, requires public and state-owned companies to disclose the earnings of their top and lowest employees. The Citizen attempted, with no success, to obtain the breakdown of how much the lowest-paid employee in each of six prominent grocery retailers in South Africa earns, as well as their positions. Enquiries were sent out earlier in the week. ALSO READ: Is Boxer taking over, or is trouble brewing? Lowest-paid CEO in grocery retail According to Boxer's financial results for the 53 weeks ended March 2025, its CEO, Marek Masojada, received a basic salary of R5.6 million. His total remuneration was R18.5 million. The total remuneration includes basic salary, retirement and medical contributions of R1.1 million, benefits of R300 000 and a short-term performance bonus of R11.5 million. The financial results outlined that Boxer has a total of 31 906 employees. The retailer spends nearly R3.1 billion paying these employees, representing a 19.1% increase from the R2.5 billion spent in the previous financial year. ALSO READ: Pick n Pay turnaround taking shape as it delivers on first year of recovery plan Highest paid with no benefits According to Pick n Pay's financial results for the 53 weeks ended 2 March 2025, the man responsible for restoring the retailer's glory, Sean Summers, received a basic salary of R24.9 million. Unlike other CEOs who receive benefits, retirement contributions and medical benefits, as well as short-term performance bonuses, Summers does not receive these. However, he got a whopping R40.1 million in long-term awards. Pick n Pay said that employee costs increased by 1.1% to R6.4 billion during the period, up from R6.3 billion in the previous financial year. ALSO READ: What does the future hold for Spar? Retailer's profits nosedive R16 million for Spar CEO Spar seems to include the remuneration of executives and staff in its annual financial results, which are released towards the end of the year. However, The Citizen reached out, with no success, to the retailer to get the figures for 2025. According to the retailer's annual financial statements for the financial year 2024, released on 28 November 2024, Spar's CEO, Angelo Swartz, got paid a basic salary of R9.5 million. During the period, he received a performance-related bonus of R4.3 million, retirement funding contributions of R1.1 million, and allowances and other benefits totalling R1 million, costing the retailer R16 million in remuneration. ALSO READ: How Shoprite made R20 million profit per day Shoprite and Checkers led by one man Shoprite and Checkers are led by one man under Shoprite Holdings. The Citizen was unable to get the remuneration report of the group for 2025. According to the financial statement for 2024, the group's CEO, Pieter Engelbrecht, received a salary of R18 million. Apart from the salary, he received retirement and medical benefits of R500 000, benefits worth R919 000, a short-term performance bonus worth R17 million and a long-term incentive bonus worth R14.3 million, making his total cost to the company of R52 million. ALSO READ: Is Woolworths in trouble? CEO said financial performance 'disappointing' Woolies CEO Woolworths' annual results for the year ended June 2024 show that the total remuneration for its CEO, Roy Bagattini, in 2024 was R65.29 million. The breakdown of his remuneration package includes the base salary of R19.39 million and benefits worth R2.5 million. Additionally, he received both short-term and long-term incentives. NOW READ: Capitec CEO tops banking pay charts — but how do staff salaries compare? A look at how SA's top five banks pay
IOL News
28-05-2025
- Business
- IOL News
Tiger Brands reports 78% earnings jump while addressing listeriosis claims
Tiger Brands, a JSE-listed company, has reported a remarkable 78% increase in earnings per share for the first half of the year, driven by the sale of non-core units. As the company navigates the complexities of settling claims from the 2017 listeriosis outbreak, it remains committed to achieving a resolution 'as soon as possible' JSE-listed Tiger Brands, which recorded a 78% jump in earnings per share in its first half to the end of March on the back of sales of non-core units, reiterated its resolve to settle claims relating to 2017 massive listeriosis outbreak 'as soon as possible'. Tiger Brands has not disclosed the full value of the settlement, which it said it had presented as a total amount at the end of April, although it has stated it has enough insurance to cover the claims. In a recent statement, it also refused to accept liability. 'The offer is subject to certain conditions and has been made without admission of liability and in full and final settlement of the claims of the claimants,' it said. What has been called the largest listeria outbreak in South Africa's history happened in 2017. It was traced to Tiger Brands' Enterprise Foods facility in Polokwane and resulted in 218 deaths and close on 1,000 infections. The settlement process now moves quantifying individual damages for eligible claimants as well as attorneys taking those offers to the plaintiffs. 'Tiger Brands and its insurers remain committed to achieving a just resolution of the listeriosis class action as soon as possible,' it said. Africa's largest food producer posted a 17.6% jump in headline earnings per share, a figure that strips out profit from sales of units, to 951c for the interim period, despite ongoing inflationary pressure and a consumer base still watching every rand. Tiger Brands' price inflation of 2.1% helped offset the flat volumes, leading to revenue improving 1.9% to R18.5 billion. 'Despite early signs of economic recovery offering some much-needed relief, consumers remain under pressure and continue to seek value in their food basket,' said CEO Tjaart Kruger. The company is sticking to its cost-cutting plans, optimising logistics, engineering value into recipes and packaging, and squeezing more efficiency out of its factories, to protect margins and keep products affordable. Tiger Brands continues to focus on trimming non-core assets, with the sale of the Baby Wellbeing division and a 24.4% stake in Chile-based company, Empresas Carozzi bringing in R4.4bn during the period and another R600 million received in April. Having sold those entities, as well as its Langeberg & Ashton Foods business, it said it has entered into a deal to sell its Wheat Mill and Maize unit in Randfontein. Tiger Brands did not provide more details, although it noted that selling non-core entities to ensure it has a 'competitive edge' and can win market share. Shareholders are set to benefit from a special dividend of 1 216 cents per share, returning R1.8bn to investors, pending approval from, the South African Reserve Bank. Management says this strikes a balance between rewarding investors and maintaining the flexibility needed for sustainable growth. 'Tiger Brands has achieved growth in line with guidance, underpinned by a continued focus on driving value for consumers, execution of key strategic priorities, and implementing continuous improvement initiatives of logistics optimisation, value engineering and factory efficiencies,' it said. IOL
News24
24-04-2025
- Business
- News24
Gold Fields gets one-year extension at Damang Mine in Ghana
Gold Fields said it will be given a 12-month lease to continue operating the Damang mine in Ghana, after the government initially rejected its application to extend the rights. The Johannesburg-listed firm will "take all reasonable steps" to restart open pit mining at Damang, which it halted in 2023, Gold Fields said in a statement on Thursday. The subsidiary that owns the asset will be allowed to resume the processing of surface stockpiles, it said. Ghana's government, led by President John Mahama since January, took the unusual step of refusing to renew the lease, saying Gold Fields' application had failed to declare mineral reserves, outline future plans, or allocate any exploration budget for Damang. That reflected the new administration's "shift away from the neo-colonial posturing of automatic renewals of licenses," the land and natural resources ministry said 15 April, three days before the permit lapsed. The resolution, first announced by the presidency on Wednesday, will see Gold Fields complete studies on extending Damang's life by the end of the year. The miner and government will also establish a joint team "to ensure the successful transition of the asset to ownership by the people of Ghana," the company said. African governments, from Mali to Zambia, are pushing for a larger share of the revenues generated by their natural resources. Bullion's record-breaking rally this year has put a particular spotlight on the gold industry. At the same time, soaring prices have encouraged some large producers to sell smaller mines that, without fresh investment, are approaching the end of their lives. China'' Zijin Mining Group acquired the Akyem project in Ghana from Newmont Corp. for $1 billion (R18.5 billion), while Barrick Gold is seeking a buyer for its Tongon asset in the Ivory Coast. Gold Fields has previously said it's weighing up whether to offload Damang. Damang is a mature asset that contributed about 6% of Gold Fields' total output last year. The one-year extension requires ratification by Ghana's parliament, which will reconvene next month. The company also operates the much larger Tarkwa mine in Ghana, which it wants to combine with AngloGold Ashanti's Iduapriem asset. The two companies were unable to secure authorization for the merger under the previous administration, which was voted out of power in December. Gold Fields and the government have agreed to start discussions on the renewal of Tarkwa's lease, which expires in 2027, according to the presidency's statement. Ghana isn't the only West African gold producer acting more assertively over its resource assets. Mali's military leaders have been renegotiating mining deals with investors and have threatened to take over Barrick's vast Loulo-Gounkoto complex, which has been shuttered for three months amid a dispute over revenues and alleged back taxes. Burkina Faso nationalized a pair of small gold operations last year, while Ivory Coast is updating mining legislation, and Senegal is reviewing existing contracts.
