ROB ROSE: The power of the number
The ire over Woolies CEO Ian Moir’s package shows that it’s not just about percentages — directors need to consider the quantum
It turns out that in the five years that Woolworths has been merrily destroying shareholder value, thanks to its ill-fated purchase of Australian department store chain David Jones, CEO Ian Moir has taken home R191m. It’s a vast sum of money, especially when you consider that in that time, Woolies’ share price has tumbled 38%. In rand terms, that’s R32.2bn in value, destroyed.
Moir, a smooth-talking Scotsman who engineered the deal to buy David Jones in 2013, said last month he considered quitting. "But I thought it would be entirely irresponsible. Falling on your sword is always the easy thing to do. I’m doing what I should do — taking responsibility for getting it right," he told Bloomberg.