Holy Moly, Woolworths’ Execs Earned Eye-Watering Amounts In 2023

04 Oct 2023 by Tayla in Business, Lifestyle, Money, Shops & Retail, South Africa

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[imagesource:capetownairport]

According to Woolworths’ annual remuneration report for 2023, its major leadership earned breathtaking amounts over the last financial year.

Let’s play a not-so-fun game: try and guess what Woolies’ CEO Roy Bagattini’s 2023 pay amounted to.

R5 million? Cute. R10 million? A joke. R50 million? Not even close.

Bagattini’s 2023 pay amounted to a whopping R122.47 million. I watched a TikTok video of a Nigerian family living in actual mud and garbage this morning, with a mattress propped on sawdust to keep the wet away, and now I feel utterly ill at the disparity made so apparent here.

IOL reported that Bagattini’s salary was broken down to R90.6 million paid for the work he did in South Africa and then AUD$2.6 million (R31 million) for his work in Australia.

Bagattini’s guaranteed pay amounted to R20.4 million, short-term annual incentives (STIs) of R28 million, long-term share options that were given to him three years ago to the tune of R66.7 million and share dividends valued at R7.1 million.

We all love Woolies, but Bagattini is the one who gets the most back.

Image: Woolworths

As for Woolworths’ chief operating officer, Sam Ngumeni –  he earned a very good, very nice R97.14 million for 2023.

His total guaranteed pay amounted to R8.97 million. He received a further R13.6 million in performance bonuses or STIs and long- term share options to the value of more than R74 million.

Then, Woolworths’ Finance Director Reeza Isaacs was given a salary amounting to a cool R36.27 million.

That puts the total earned by these three executives at a stunning R255.88 million in salaries.

In fact, they would have earned way, way more if it weren’t for load shedding. In May, the group said that the financial impact of load shedding on the operating profit was R15 million a month, amounting to R90 million for the reported period, which was 26 weeks ending December 25, 2022.

Let me just stare out the window for a few minutes and repeat to myself that I am happy with what I’ve got, because I am. I really am.

[source:iol]

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