Home » South African executive Anthony Thunstrom earns $3.4-million salary from TFG in 2023

South African executive Anthony Thunstrom earns $3.4-million salary from TFG in 2023

by Feyisayo Ajayi
Anthony Thunström

Anthony Thunstrom, a leading South African executive and the CEO of The Foschini Group (TFG) received a compensation package of R63.88 million ($3.42 million) from the group at the end of its 2023 financial year, attributed to his contribution in steering the company toward impressive financial performance.

In 2023, Thunstrom’s compensation surged by an impressive 86.8 percent compared to the previous year, reaching R34.19 million ($1.83 million). This substantial increase reflects the notable achievements and progress the company experienced under his leadership. 

His compensation package includes a R14.13-million ($0.76 million) base salary, accompanied by a short-term incentive of R14.50 million ($0.78 million). Additionally, he received a long-term incentive of R31.45 million ($1.68 million), underscoring the exceptional performance of the retail clothing group throughout the year.

A retail powerhouse spanning 23 countries with its CEO driving growth since 2018

TFG is a prominent retail giant listed on the JSE, boasting 34 diverse retail brands covering clothing, accessories, cosmetics, homeware, and more. Operating through 4,697 outlets across 23 countries and maintaining a robust online presence, the company is headquartered near Cape Town and prides itself on engaging 27.8 million myTFGrewards loyalty members in Africa.

Thunstrom, CEO since 2018, previously served as CFO and executive director at the group. With more than 21 years of diverse industry experience, including managing regional and pan-African businesses for KPMG, he is a member of the operating board. Thunstrom’s history includes roles as COO for KPMG Africa, director at RAG Holdco since July 2017, and a board member of KPMG South Africa.

Executive duties and $0.34-million investment in TFG by Thunstrom

Under Thunstrom’s leadership, TFG witnessed substantial financial growth in the 2023 fiscal year. The company achieved an 18.03-percent surge in gross profit, escalating to R24.812 billion ($1.33 billion) from R21.03 billion ($1.13 billion) in 2022. 

Additionally, total assets soared to R53.10 billion ($2.85 billion) from R43.31 billion ($2.32 billion), accompanied by a revenue surge of 19.39 percent, reaching R55.12 billion ($2.95 billion) from R46.17 billion ($2.47 billion).

Beyond his executive duties, Thunstrom holds 60,100 shares in TFG – valued at R6.41 million ($0.34 million) — aligning his interests with the company’s success.

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