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In addition to the dividend he earned from the group, South African pharma tycoon Ivan Saltzman, the founder of Dis-Chem Pharmacies, received a total compensation of R20.4 million (1.1 million) from the retail pharmacy chain in 2023 due to his pivotal role in the group’s financial performance.
This compensation package represents a sharp 10.64-percent decrease compared to the previous year’s total reward of R22.83 million ($1.2 million).
Ivan Saltzman’s reduced compensation stems from the group’s strategic cost-cutting initiative, aligning with their resolve to counteract the mounting operational expenses that were hindering earnings growth.
Saltzman’s 2023 compensation package comprises a base salary of R14.32 million ($749,197) and a performance-based short-term incentive of R2.76 million ($144,567) derived from the bank’s exceptional performance during the fiscal year.
He also received a long-term incentive award of R2.76 million ($144,567) from the retail pharmacy chain to acknowledge his unwavering dedication to the group and his wealth of expertise as a seasoned professional.
Saltzman, the South African pharma tycoon and executive who co-founded the Gauteng-based healthcare group in 1978 alongside his wife, Lynette Saltzman, resonates throughout the South African health sector.
Under his leadership, Dis-Chem Pharmacies has cemented its position as one of Africa’s largest retail pharmacy chains by market share, with more than 300 retail stores and over 20,000 staff. It has also achieved impressive financial milestones since its inception, carving out a position as one of Africa’s billion-dollar companies.
Under Satzman, the group’s headline earnings surged by 37 percent, rising from R853.41 million ($44.63 million) in 2022 to R1 billion ($52.37 million) at the end of the group’s 2023 fiscal year.
Apart from his executive and governance roles, Saltzman and his wife own a remarkable 35.12-percent stake in the Gauteng-based group, which translates to a total of 302,066,319 shares — a stake presently valued at R7.13 billion ($374.7 million).
