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Huge paydays for Shoprite, Woolworths CEOs

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The CEOs of Shoprite and Woolworths have received multimillion-rand paydays, but market analysts say they are in line with their peers and justified by strong performances.

But as consumers struggle in the face of rising interest rates and the surging cost of living, executive pay in general across various sectors is expected to be increasingly in the spotlight in the coming months, especially during wage talks. The difference between what executives and the lowest paid workers are paid in SA is often a rallying cry for unions in negotiating pay increases.  

Releasing its annual financial statements for 2022 on Friday, Shoprite confirmed that CEO Pieter Engelbrecht’s total pay package was R48.42 million for 2022 including basic pay, short and long term incentive bonuses, as well as retirement and medical benefits. This was just over a fifth more than the R39.997 million he received in 2021.  

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