Table of Contents
Key Points
- Shoprite CEO Pieter Engelbrecht earned $4.47 million in 2024, reflecting his leadership and the retailer’s robust financial performance.
- Engelbrecht’s 2024 pay included $1.01 million in base salary, $917,841 in incentives, and $1.56 million in long-term rewards.
- Engelbrecht owns 110,946 Shoprite shares valued at $1.8 million, reflecting confidence in the retailer’s long-term growth and stability.
South African executive Pieter Engelbrecht, the CEO of Shoprite Holdings, Africa’s largest supermarket chain, received a total compensation of R83.27 million ($4.47 million) in 2024. This remuneration reflects his leadership in steering the retailer to robust financial performance despite challenges in its operating environment.
Engelbrecht’s 2024 compensation package includes a base salary of R18.86 million ($1.01 million) and a performance-based short-term incentive of R17.08 million ($917,841), highlighting the retailer’s exceptional achievements during the fiscal year.
Additionally, he was awarded a long-term incentive of R28.97 million ($1.56 million) in recognition of his unwavering commitment to the group and his extensive expertise as a seasoned professional.
Shoprite thrives under Engelbrecht's leadership
As CEO since 2017, Engelbrecht has not only overseen significant financial growth but also expanded Shoprite’s market value. Prior to his appointment, he served as an alternate director and COO at Shoprite Checkers (Pty) Ltd. from 2005 to 2016, positioning him as a natural successor to Whitey Basson, who retired on Oct. 31, 2016.
Basson, a legendary figure in the African retail sector, transformed Shoprite from a modest eight-store operation worth R1 million ($53,500) into a global retail giant with a market capitalization of R179 billion ($9.62 billion) and a workforce exceeding 150,000. Building on this foundation, Engelbrecht has continued to drive the group to new heights.
Under Engelbrecht, Shoprite’s profits rose from R4.86 billion ($256.83 million) in 2021 to R6.22 billion ($334.33 million) in 2024. Merchandise sales grew from R168.03 billion ($8.91 billion) to R240.72 billion ($12.93 billion) over the same period, while trading profit expanded from R10.3 billion ($546.19 million) to R13.34 billion ($719.96 million).
Engelbrecht’s stake signals strong confidence
Beyond his executive role, Engelbrecht holds a minority stake of 110,946 ordinary shares in Shoprite, valued at approximately R33.54 million ($1.8 million). His dual role as a leader and shareholder underscores his vested interest in the group’s continued success.
