Pick n Pay boss earned R32m in year to March
Richard Brasher was the former head of Tesco in the UK who is credited with turning around the SA grocery retailer since joining in 2013
Pick n Pay CEO Richard Brasher, the former head of Tesco in the UK who is credited with turning around the SA grocery retailer since joining in 2013, was paid R32m for the group’s 2019 financial year.
That included a bonus of R20.6m, Pick n Pay’s financial statements for the year to 3 March show.
Brasher’s total pay in the prior year was R11.4m.
Bakar Jakoet, who announced in April that he would retire as Pick n Pay’s finance chief, was paid R20.5m for the year to March 3. That included a gratuity payment of R10m "in appreciation of his outstanding contribution to the Pick n Pay group over the 34 years of his career".
Jakoet said in April he would remain in the position until a successor was appointed. Thereafter, he will serve in a nonexecutive capacity on the board.
Pick n Pay said in April net profit rose by about a fifth in the year to March 3.
Profit after tax was R1.65bn in the 53-week period, versus R1.3bn in the prior 52-weeks. On a pro-forma basis, net profit was up 19.9% as turnover grew 7.1% and margins improved.
In SA, turnover grew 7.4% and profit before tax was up 23.8%.