In its new annual remuneration report for 2023, Woolworths showcased the breathtaking figure its major leadership earned over the last financial year.
In Woolworths’ single-figure report it noted that CEO Roy Bagattini’s 2023 pay amounted to R122.47 million.
Bagattini’s salary was broken down as such, he was paid R90.6 million for the work he did in South Africa and then was paid 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.
Woolworths chief operating officer Sam Ngumeni made R97.14 million for the year of 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.
Reeza Isaacs, Woolworths’ Finance Director took home a salary amounting to R36.27 million.
Based on this information these three executives earned a total of R255.88 million in salaries.
Headline earnings and load shedding
Woolworths also noted in the report that its attributable headline earnings after tax was calculated at R4.74 billion, in 2022 it was R3.83 billion.
In May, the group reported that its operations in South Africa were crippled by load shedding. At the time, 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. This period was 26 weeks ended December 25, 2022.
In the integrated annual report, the company stated that they have quantified the direct impact on their food waste and diesel costs across their store network and supply chain at between R20 million to R30 million per month.
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