Steinhoff pays hefty bonuses despite larger 2019 loss
DURBAN – Steinhoff International paid its chief executive Louis du Preez a total remuneration of €2.72 million (R53m) for the year to end September 2019, up from €1.92m compared to 2018, the retailer disclosed in its annual report released yesterday.
The group released the executive remuneration of its executives and board members following the release of its year-end results for September 2019, reporting a loss of €1.84 billion compared to €1.19bn a year earlier.
Du Preez’s total package consists of €1.2m in annual salary, €62 000 in pension contributions and €1.46m in accrued short-term and long-term bonus. However, Du Preez was appointed to the position in January 2019 after he had served the group as its commercial director and managing director in December 2017.
The group’s chief financial officer (CFO) Theodore de Klerk took home a total remuneration of €2.1m during the year, which consists of an annual salary of €958 000, a pension contribution of €59 000 as well as €1.08m in accrued short-term and long-term bonus. The group also provided remuneration packages for other executive directors who have since left.
This includes Danie van der Merwe, who resigned in December 2018 after he acted as chief executive following the departure of Markus Jooste in 2017. He was paid a total of €241 000 during the year.
Alexandre Nodale, who resigned in April last year, received a total remuneration package of €2.78m and this includes an annual salary of €1.06m, pension contributions of €46 000, severance payments of €1.50m and other contributions of €175 000. Nodale was serving as the group’s deputy chief executive before his departure.
Philip Dieperink, who served as CFO until his resignation in August last year, received a total remuneration package of €4.19m, which is made up of €1.50m in salary, €1.13m in accrued short-term and long-term bonus, severance payments of €1.50m and €62 000 in pension contributions.
Steinhoff paid a total of €28.74m to its management board and other key management personnel in 2019, down by 36.49 percent compared to the 2018 figure of €45.25m.
Steinhoff also paid fees to the members of its supervisory board, with the departed chairperson Heather Sonn pocketing €337 000 during the year, up from €285 000 compared to 2018. Sonn also received an amount of €61 000 from the group’s other entities. Steve Booysen, who resigned from the supervisory board in August 2019, received €155 000 from the group as well as €42 000 from the group’s other entities.
Other supervisory board members like Khanyisile Kweyama received €143 000 in 2019 and Peter Wakkie was paid a fee of €168 000 while David Pauker received €73 000 from Steinhoff as well as €163 000 from the group’s other entities.
Steinhoff International chief executive Louis du Preez addresses a presentation to investors in Cape Town, in this file photo. He received €2.72m (R53m) in remuneration in 2019. | MIKE HUTCHING Reuters