South African executive Lance Foxcroft, the CEO of Italtile Limited earned a compensation package of R23.40 million ($1.23 million) in 2023 for his pivotal role at the helm of the group. This is 7.23-percent higher than the previous year’s total compensation of R21.82 million ($1.15 million).
Foxcroft’s 2023 compensation comprises a base salary of R4.08 million ($0.21 million), complemented by a performance-driven short-term incentive of R3.64 million ($0.19 million). He also received a long-term incentive of R13.37 million ($0.70 million).
Foxcroft’s leadership evolution: From Ceramic Industries to Italtile Limited
Established in 1969, Italtile Limited is a South African company that manufactures, franchises, and retails tiles, bathroomware, and home-finishing products. The company houses retail brands such as CTM, Italtile Retail, and TopT, with a total of 216 stores across South Africa and other parts of Africa.
Foxcroft became the group’s acting CEO in July 2021, before officially taking the helm as CEO on Jan. 1, 2022. Previously, he was CEO of Ceramic Industries. Foxcroft’s tenure with Ceramic commenced in 2003, during which he ascended through various senior management roles before assuming the CEO position in 2014.
Aligning interests: Foxcroft’s stake in Italtile valued at $2.7 million
Under Foxcroft’s leadership, Italtile’s revenue increased by 1.73 percent from R8.98 billion ($473.95 million) in 2022 to R9.14 billion ($482.13 million) in the 2023 financial year. Additionally, the group’s assets rose by 11.66 percent, rising from R8.75 billion ($461.70 million) in 2022 to R9.77 billion ($515.53 million) in 2023.
In addition to his executive role, Foxcroft holds a 0.36-percent stake in Italtile Limited, equivalent to 4,800,000 ordinary shares, currently valued at R51.36 million ($2.71 million), aligning his interests with the company’s success.
