JOHANNESBURG – Pick n Pay chief executive Richard Brasher received a bumper R32 million pay package in the 2019 financial year including his fixed salary and bonuses, as the food retailer made gains in the year under review.
In its annual financial statements released, the food retailer said that the Brasher’s pay included an R11.35 million fixed remuneration and R20.64 million bonus and gratuity fee.
It said Pick n Pay chief financial officer Bakar Jakoet had received a R20m package during the period, and including an R5.27 million and R15.21 million in bonuses and gratuity.
The group said Brasher had successfully implemented the strategy to reset the long term earnings trajectory of the group.
Damon Buss, an equity analyst at Electus Fund Managers, said Brasher's remuneration package was incentivised by binary options on 1 million shares, originally due to vest in November 2017, which would pay out if the Pick n Pay share price exceeded certain hurdles.