Handsome bonus for Woolworths CEO

2011-10-12 11:20

Johannesburg - Food and clothing retailer Woolworths [JSE:WHL] paid its CEO Ian Moir 13.6 million, including a bonus of R8.25m, added to his R5.312m normal package for the year.

Moir, who joined the company in January 2010, is the former MD of retail at Country Road.

Short term bonuses totalling R20.34m were paid to four executive directors over the period, including former CEO Simon Susman and deputy chairperson (R2.84m), financial director Norman Thomson (R4.39m) and MD Food Zyda Rylands (R4.86m).

In August Woolworths reported adjusted diluted headline earnings per share of 209.8 cents for the year ended June, up from 152.2c in 2010.

A final dividend of 93c per share was declared and a total distribution of 143.5c per ordinary share was made for the period, an increase of 36.7%.

Revenue increased 9.2% to R25.841bn and operating profit increased 28.3% to R2.122bn.

During the course of the year sales grew by 10.0% (comparable 7.9%), and clothing and general merchandise sales grew by 8.6% (comparable 7.3%). Clothing and footwear sales in SA performed particularly well, increasing by 11.5% (comparable 9.4%).

Food also experienced strong growth for the year with sales up 10.7% (8.4% comparable).

The group said on average for the 12 month period it outperformed the market by 4.1%.

The group's return on equity increased from 39.4% to 44.1%.


  • Parko - 2011-10-12 11:40

    1) Bring in Chinese imports 2) Make big profits 3) Local factories close down but who cares 4) Get big bonus

  • Bullhunter - 2011-10-12 11:44

    The economy picks up, business picks up, and these goons pay themselves massive bonuses!!!

  • martin.neate - 2011-10-12 12:19

    wages are mad. how can these people sleep well at night,no wonder the workers strike.

      Oryx_ZA - 2011-10-12 13:56

      They are good at their jobs. You can see this by how the company is performing in these economic conditions. If the business does well, they create jobs. If their rubbish leaders, the business may decline and jobs will be lost.... if woolworthes has to pay these fees to keep the best...why shouldn't they?

  • Jonathan - 2011-10-12 15:09

    Oh hush you lot! If you spent more time working and less time whinging maybe you'd also be earning a big salary!

  • VallyMonroe - 2011-10-12 16:11

    What I do not understand is how everyone complains about the rise in food prices (Incl the retailers themselves), they say they are all doing their utmost to keep them down, YET their PROFIT increased by 28% while their revenue increase by 10%?? That can only be mainly due to their margins on the food! I assume we will be told the increase in profits is due to very successful cost cutting, hehe! Shoprite also showed increased I missing something here??!!

  • ZACommentator - 2011-10-12 17:09

    It's called capitalism people, the company does not force anyone to purchase their products, they merely offer a vastly superior product (in terms of food). What is the problem, bonuses and salaries are commensurate with the pressure and responsibility. Get a life

  • semisanegirl - 2011-10-12 18:53

    He gets paid well. We his management had an average increase of 4%.

  • Casper_Sh - 2011-10-12 22:21 if u paid a person R4k a month, u could employ 270 people for a year...on average 4 people per household, that's 1080 mouths that could have been fed.. 270 vs 1 ... when will we learn?!?!

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