South African Executive Bongiwe Ntuli — the former CFO of The Foschini Group (TFG), a prominent retail giant listed on the Johannesburg Stock Exchange (JSE) — received a compensation package of R29.49 million ($1.58 million), for her instrumental role in steering the company towards impressive financial performance at the end of its 2023 fiscal year.
Ntuli’s pay saw a significant 62.45-percent increase in 2023, compared to the prior year’s R18.16 million ($0.97 million), showcasing the retail clothing group’s impressive progress under her guidance.
Her compensation package includes a base salary of R6.01 million ($0.32 million), a short-term incentive of R4.75 million ($0.25 million), and a long-term incentive of R6.4 million ($0.34 million), highlighting the outstanding performance of the retail clothing group.
Ntuli’s strategic leadership at TFG and beyond
TFG, a leading retail powerhouse listed on the JSE, boasts a broad presence in 23 countries through 4,697 outlets and a robust online platform. The company, headquartered near Cape Town, takes pride in engaging 27.8 million myTFGrewards loyalty members across Africa.
Ntuli served as TFG’s CFO from Sept. 3, 2018, to Nov. 30, 2023. Her extensive background in freight, logistics, mining, and financial services began at the age of 21, with various roles at Anglo-American and other leading groups.
Before joining TFG, she held the position of CEO of Freight Services at Grindrod. Presently, Ntuli serves as the independent audit chairperson and non-executive director at AdaptIT, while also chairing Caprisa, a non-profit S21 HIV/TB research company.
Ntuli’s strategic leadership fuels TFG’s remarkable 18 percent gross profit surge
Under Ntuli’s guidance, TFG witnessed substantial financial growth in the 2023 fiscal year. The company reported an impressive 18.03 percent surge in gross profit, rising to R24.812 billion ($1.33 billion) from R21.03 billion ($1.13 billion) in 2022.
Additionally, total assets soared to R53.1 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).
