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South African tycoon Pieter Engelbrecht, the CEO of Shoprite Holdings, Africa’s largest supermarket chain, received a total compensation of R63.46 million ($3.38 million) from the leading retailer in 2022 due to his pivotal role in the holdings’ financial performance.
Engelbrecht’s 2022 compensation package comprises a base salary of R16.7 million ($890,000) and a performance-based short-term incentive of R16.07 million ($850,000) derived from the retailer’s exceptional performance during the fiscal year.
He also received a long-term incentive award of R27.79 million ($1.47 million) from the retailer to acknowledge his unwavering dedication to the group and his wealth of expertise as a seasoned professional.
Engelbrecht, a South African multimillionaire, has been the CEO and executive director of Shoprite Holdings since 2017. Prior to this, he held roles as an alternate director and COO at Shoprite Checkers (Pty) Ltd. from 2005 to December 2016.
His ascent to the CEO role in January 2017 came after the retirement of Whitey Basson from the CEO role on Oct. 31, 2016, leaving behind a monumental legacy. From an R1-million ($53,500) eight-store venture, Basson led Shoprite into a global retail titan with a R114-billion ($6.1 billion) market capitalization and a workforce of 140,000. His tenure was marked by the continuity of the group’s attainment of numerous milestones.
Since assuming the mantle of CEO, Engelbrecht has led Shoprite to impressive financial milestones building upon Basson’s legacy, with the group’s profit soaring from R4.86 billion ($256.83 million) in 2021 to R5.74 billion ($307.50 million) in 202
The retailer’s merchandise sales have grown from R168.03 billion ($8.91 billion) in 2021 to R184.08 billion ($9.73 billion) in 2022, while its trading profit expanded from R10.3 billion ($546.19 million) to R11.03 billion ($583.08 million), respectively.
Apart from his executive and governance roles, Pieter Engelbrecht owns a minority 0.14-percent stake in the leading retailer, which translates to a total of 838,604 shares — a stake presently valued at nearly $11 million.
