You know that the CEO of Shoprite is going to take home some serious money, but even with that in mind the fact that Whitey Basson was paid R100 million in the past fiscal year has been met with shock.

His ‘basic’ payday was R49,7 million, with a R50 million one-time performance-related bonus. That had to do with Shoprite increasing profit growth to 15%, far more than the 11% internal target they had set.

A little from Fin24:

Other reasons given by Shoprite for the bonus include that Basson hasn’t received a basic pay increase since 2013 and no one-time payments for five fiscal years, according to the report. The retailer also cited the CEO’s length of service at the company.

The 70-year-old has worked at Shoprite for 45 years and has been at the helm since 1979.

Over on CapeTalk The Money Show’s Bruce Whitfield interviewed Andrew Woodburn, Executive Search Expert and Managing Director at Woodburn Mann, and they ran over just how Shoprite can justify paying someone that kind of dosh.

Just click on the image below and scroll down to the embedded audio:

The things I would do for a R100 million a year income…

[sources:fin24&capetalk]