Former CEO Richard Brasher earns $2.45 million in compensation from Pick n Pay

Richard Brasher, the recently retired group CEO of Pick n Pay, has earned $2.45 million (R37.13 million) in compensation from the retailer at the end of its 2020-2021 financial year, which ended June 28.

Brasher, who retired in April, received a total remuneration of R37.13 million ($2.45 million), including a base salary of R10.84 million ($717,206) and a bonus of R20 million ($1.32 million) from Pick n Pay.

During the group’s 2020-2021 financial year, the South Africa-based executive earned R24.71 million ($1.64 million) more compared to his previous year’s earnings of R12.42 million ($822,952).

A review of the group’s annual report revealed that the 199-percent increase in Brasher’s compensation came off a bonus of R20 million ($1.32 million), which he received for his exemplary service to the group.

Pick n Pay is the second-largest supermarket chain in South Africa behind the retail behemoth Shoprite. It is one of the leading retailers in Africa, with about 2,000 stores.

Since the group was founded in 1967 by Raymond Ackerman, it has expanded its operations into other market segments in Southern Africa, in countries such as Namibia, Botswana, Zambia, Swaziland and Lesotho.

At the end of its 2020-2021 financial year, the retailer posted a 19.1-percent decline in profits to R967.1 million ($64.15 million) on the back of increased trading expenses, which outpaced the growth of the group’s gross profits and revenues.

Under Brasher, Pick n Pay’s total assets and liabilities grew from R13.02 billion and R10.60 billion in 2013 to R37.82 billion ($2.51 billion) and R34.42 billion ($2.28 billion) in 2021, respectively.

Revenues and headline earnings grew from R59.27 billion ($3.93 billion) and R532.2 million ($35.30 million) in 2013 to R93.10 billion ($6.18 billion) and R967.1 million ($64.18 million), respectively, at the end of the 2020-2021 financial year, which ended June 28.