Home » South African exec Sam Ngumeni earns $5.3-million salary from Woolworths in 2023

South African exec Sam Ngumeni earns $5.3-million salary from Woolworths in 2023

Ngumeni's 2023 compensation hits $5.3 million, marking a 323.45-percent leap

by Mfonobong Nsehe
Sam Ngumeni

South African executive Sam Ngumeni, the group chief operating officer of Woolworths Holdings — a South African multinational retail company — received a compensation package of R97.14 million ($5.3 million) from the group in 2023.

In a remarkable year for Ngumeni, his 2023 compensation package reflects a 323.45-percent increase compared to the previous year’s total reward of R22.94 million ($1.25 million) — this mirrors Woolworths’ impressive financial performance during the period under review.

Ngumeni’s compensation package comprises a base salary of R17.94 million ($0.981 million) and a performance-based short-term incentive of R13.66 million ($0.747 million) — this is a direct result of Woolworths Holdings’s outstanding financial achievements in 2023.

He also received a long-term incentive award of R74.51 million ($4.07 million) from the multinational retail company to acknowledge his unwavering dedication to the group and his wealth of expertise as a seasoned professional.

Ngumeni’s 2012 triumph and ongoing influence in retail credit

A South African business leader with over two decades of experience, Ngumeni boasts a deep understanding of the financial services industry, particularly in retail credit. His defining moment came in 2012 when he ascended to the position of group COO. 

Previously, he served as COO at Woolworths South Africa and CEO of Woolworths Financial Services, where he was instrumental in the successful joint venture with ABSA Limited. He joined the Woolworths Holdings Board in 2014.

Beyond the Boardroom: Woolworths’ COO emerges as South Africa’s executive elite

His reign as Woolworths’ COO has yielded impressive financial results. Under his joint leadership, the South African retail giant saw annual profits surge 36.64 percent, soaring from R3.72 billion ($195.55 million) in 2022 to a record R5.08 billion ($267.21 million) in 2023. 

Beyond his executive and governance roles, Ngumeni holds a minority 0.12-percent stake in Woolworths worth R83.88 million ($4.59 million). This, combined with his compensation package, firmly positions him as one of South Africa’s most prosperous executives.

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