Jooste: repay the loot
ROB ROSE: Markus Jooste’s R286m windfall
Over 15 years, Steinhoff’s CEO has scored R492m in salary and bonuses. If he messed up, shareholders must reclaim some of that windfall
Markus Jooste, the 56-year-old accountant who this year reportedly likened himself to "Robin Hood", became fantastically wealthy as the CEO of Steinhoff. Most CEOs get rich by holding a large stake in their company, which then grows in value — as Koos Bekker has done at Naspers. But in Jooste’s case, he’s made a packet in salary and bonuses, alongside his shares in the floundering furniture retailer. Jooste’s total pay, Financial Mail calculations show, amounted to a staggering R492.7m over the past 15 years, including R212m in "bonuses". The heftiest chunk of this — R286m — was paid to him in just the past three years. Now, that’s also the time period in which Jooste’s inner circle allegedly stitched together some of the shady deals overseas (in Germany and Switzerland). Of course, you could argue that Jooste, as a shareholder in Steinhoff (68.9m shares), has also felt the pain from its 91% share price plunge in recent weeks. It has meant, in tangible terms, that his stake in Stein...
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