South African exec Roy Bagattini earns $1.7-million salary from Woolworths in 2023

Feyisayo Ajayi -

South African executive Roy Bagattini, the group CEO and executive director of Woolworths Holdings Limited, a South African multinational retail company, received a compensation package of R31.69 million ($1.67 million) for his pivotal role in steering the group’s impressive financial performance in 2023.

In a remarkable year for Bagattini, his 2023 compensation package reflects a staggering 52.61-percent increase compared to the previous year’s total reward of R20.76 million ($1.09 million). This leap closely mirrors Woolworths Holdings’s own remarkable financial trajectory over the same period.

Breaking down Roy Bagattini’s compensation package

Bagattini’s compensation package comprises a base salary of R12.58 million ($661,989) and a performance-based short-term incentive of R19.08 million ($1.003 million). The substantial short-term incentive is a direct result of Woolworths Holdings’s outstanding financial achievements in 2023.

Bagattini‘s career spans over two decades, with a defining moment in 2020 when he was appointed as the successor to Ian Moir, taking on the role of group CEO. This transition marked a significant move for Bagattini, who had already demonstrated nearly seven years of impressive performance at Levi Strauss & Co.

His appointment as the leader of Woolworths has yielded impressive financial results. The South African multinational retail company reported a 36.64-percent surge in annual profits under his guidance, with the group’s profit soaring from R3.72 billion ($195.55 million) in 2022 to an impressive R5.08 billion ($267.21 million) in 2023.

In addition to his executive and governance responsibilities, Bagattini holds a minority stake of 0.158 percent in Woolworths Holdings, which translates to 1,074,403 shares, valued at R71.85 million ($3.78 million) at the current time.

The combination of his stake and compensation package firmly positions Bagattini as one of South Africa’s most prosperous executives.