Ann Crotty Writer-at-large

Pick n Pay CEO Richard Brasher is on course to make a hefty profit when he cashes in his 1-million share options in November 2018. The five-year term of the options, which were granted to Brasher when he was appointed CEO in 2012, were extended for 12 months when they failed to meet the vesting criteria in November 2017. Brasher’s options were due to vest in November 2017 on condition the weighted average share price for the 20 days to November 14 2017 was at least R68.03. During that period the share traded at R57.82-R60 and Brasher’s options would have lapsed had he not been granted a 12-month extension. The share closed at R74.72 on Monday. Director Hugh Herman assured shareholders at the annual general meeting on Monday that they would not adjust the terms of share incentive schemes to secure benefits for executives again for as long as he remained chairman of the remuneration committee. Herman, who has been on the board for 42 years, was responding to concerns raised at the mee...

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