Share

Massmart CEO could be R55m richer

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

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
19.00
-0.3%
Rand - Pound
24.14
-0.1%
Rand - Euro
20.65
-0.3%
Rand - Aus dollar
12.38
+0.3%
Rand - Yen
0.13
+0.5%
Platinum
905.16
-2.0%
Palladium
1,006.63
+0.1%
Gold
2,157.24
-0.2%
Silver
24.94
-0.4%
Brent Crude
86.89
+1.8%
Top 40
66,252
0.0%
All Share
72,431
0.0%
Resource 10
53,317
0.0%
Industrial 25
100,473
0.0%
Financial 15
16,622
0.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders