Johannesburg - Outgoing Massmart CEO Grant Pattison could pocket about R55m when he decides to cash in all his shares and options; and an additional R29m through the Pattison family trust, according to City Press.
Pattison, who has been the CEO of Massmart for about seven years, has made a lot of money out of the retail and wholesale group.
According to Massmart’s 2012 annual report, through an internal share scheme, Pattison holds 684 021 in shares and options.
Out of these, 42 202 shares and 158 603 options are held in the Pattison family trust.
The average strike price for the shares is R80.58.
When Pattison decides to cash in all his shares and options, he will be about R55m richer.
In addition, the Pattison family trust directly owns 218 055 Massmart shares. This would mean an additional R29m if the average share price of R135 is used.
Pattison is stepping down on June 1, but will remain on the board as a non-executive director until the end of December.
He will be replaced by chief operating officer Guy Hayward.
Read the full City Press report here.
- City Press
Pattison, who has been the CEO of Massmart for about seven years, has made a lot of money out of the retail and wholesale group.
According to Massmart’s 2012 annual report, through an internal share scheme, Pattison holds 684 021 in shares and options.
Out of these, 42 202 shares and 158 603 options are held in the Pattison family trust.
The average strike price for the shares is R80.58.
When Pattison decides to cash in all his shares and options, he will be about R55m richer.
In addition, the Pattison family trust directly owns 218 055 Massmart shares. This would mean an additional R29m if the average share price of R135 is used.
Pattison is stepping down on June 1, but will remain on the board as a non-executive director until the end of December.
He will be replaced by chief operating officer Guy Hayward.
Read the full City Press report here.
- City Press