South African tycoon Pieter Boone receives $1.3-million salary from Pick ‘n Pay in 2023

South African tycoon Pieter Boone, the former CEO of Pick ‘n Pay — South Africa’s retail giant — received a total compensation of R24.69 million ($1.34 million) at the end of the group’s 2023 financial year thanks to his role in the group’s financial performance.

Boone — who stepped down as CEO of Pick ‘n Pay on Sept. 30, 2023 — received a compensation package comprising a base salary of R10.71 million ($0.581 million) and a performance-based short-term incentive of R9.81 million ($0.533 million), derived from the retailer’s exceptional performance during the fiscal year.

From COO to CEO: Boone’s 2.5-year reign transforms Pick ‘n Pay, sparks brand acceleration

He also received a long-term incentive award of R5.82 million ($0.316 million) from the retailer to acknowledge his unwavering dedication to the group and his wealth of expertise as a seasoned professional.

Boone, who joined the retailer as the chief operating officer in 2019, effectively held the reins as CEO for over 2.5 years. During his tenure, he led and devised the launch of the Ekuseni strategic plan, overseeing the acceleration of Pick ‘n Pay’s brand, including Boxer, Clothing, and Omnichannel growth engines, as well as the launch of the new QualiSave brand.

Pick ‘n Pay’s milestones: Pieter Boone’s visionary leadership and financial triumphs

Appointed as CEO on April 21, 2021, following the retirement of Richard Brasher, Boone strategically positioned the business for robust growth and enhanced customer service capabilities. During his tenure, Pick ‘n Pay achieved remarkable milestones, with gross profit rising from R18.40 billion ($1 billion) in 2022 to R20.94 billion ($1.14 billion) in 2023.

The retail giant witnessed a substantial increase in merchandise sales, soaring from R79.48 billion ($4.32 billion) to R85.63 billion ($4.65 billion). Simultaneously, trading profit experienced a noteworthy expansion, rising from R3.03 billion ($164.69 million) to R3.05 billion ($165.78 million).

With more than 25 years of experience in the food retail and wholesale sector, before stepping down in September, he successfully led Pick ‘n Pay during the COVID-19 pandemic, navigating challenges such as the lockdown transition, civil unrest in 2021, and the ongoing load-shedding crisis, showcasing his track record of success in the industry.