No bonuses for Pick n Pay executives
Struggling retail group opts to reward lower-ranked management
Pick n Pay’s remuneration committee may have set the scene for a tougher approach to executive rewards in the besieged retail sector with its decision not to pay a short-term bonus for the year to end-February 2017. The decision not to pay bonuses, as a result of poor turnover growth and failure to meet working capital targets, will hit the top executives hard. For financial 2016, CEO Richard Brasher received a short-term annual bonus of R15m, taking his remuneration to R24.4m. For 2017, Brasher received remuneration of R10m and no bonus. Executive director Richard van Rensburg’s pay dropped from R7.1m to R4.7m, while finance director Bakar Jakoet’s fell from R6.6m to R4.8m. Van Rensburg and Jakoet were both paid R2.5m bonuses in 2016. The group’s newly released 2017 annual report shows that while none of the senior executives received a bonus, discretionary bonuses have been paid to key staff at lower management levels. This was in recognition of progress delivered during a more ch...
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