The two men Woolworths has paid R140,000 a day for 10 years

Over the past decade, Woolworths has paid its two CEOs a combined R508.75 million in remuneration, equivalent to roughly R139,400 a day over the 10-year period.

An analysis of the retailer’s remuneration reports by BusinessTech shows that former CEOs Ian Moir and Roy Bagattini together earned R508.75 million between 2016 and 2025.

However, the reports showed that their pay packages varied significantly depending on company performance, incentive structures, and long-term share awards.

Moir, who led the group from November 2010 until February 2020, saw his remuneration reach a high of R53.7 million in 2016 following strong headline earnings growth.

However, his earnings steadily declined over the following years as Woolworths grappled with difficulties related to its Australian operations, particularly the underperforming David Jones acquisition.

As the company failed to meet key performance targets, Moir forfeited both short-term and long-term incentive awards in his final years as chief executive.

His total remuneration had fallen to R23 million by 2019 before he stepped down in early 2020. Bagattini assumed the role on 17 February 2020 and remained Group CEO until 31 May 2026.

His remuneration package differed from that of his predecessor because his responsibilities covered both South African and Australasian operations, resulting in compensation being paid in a combination of South African rand and Australian dollars.

His biggest payday came in 2023, when total remuneration surged to R122.4 million. The increase coincided with a strong turnaround year for the group, which reported adjusted profit before tax of R6.6 billion.

The performance enabled Bagattini to exceed targets set for his short-term incentives while also benefiting from the full vesting of long-term incentive allocations granted in 2020.

Even when the company’s performance weakened in subsequent years, Bagattini’s remuneration remained high.

Woolworths missed its financial performance targets in both 2024 and 2025, meaning he received no financial short-term incentive payouts.

Despite that, his total remuneration amounted to R65.2 million in 2024 and R79.8 million in 2025.

A significant contributor was a restricted share plan awarded when he joined the company in 2020 to compensate for incentives forfeited at his previous employer.

The last part of the sign-on award was paid out in 2025, adding R38.8 million to his total pay.

While executive pay remained substantial, Woolworths’ share price experienced significant volatility on the Johannesburg Stock Exchange (JSE) during the same period.

The stock traded near R93.50 in 2016 before declining sharply as concerns over the David Jones acquisition and broader economic conditions weighed on investor sentiment.

It fell below R50 by late 2019 and reached a pandemic-era low of R30.21 in April 2020. The company later benefited from restructuring initiatives, renewed focus on its South African operations and the disposal of David Jones.

This helped the share price recover above R78 during 2023 before stabilising between approximately R50 and R70 through 2024 and 2025. By the end of 2025, the share price stood at R54.98, down about 41% from 2016 levels.

Despite this, Woolworths reported encouraging first-half 2026 results despite difficult trading conditions in both South Africa and Australia.

The retailer said its food business continued to deliver above-market growth while its apparel divisions also improved performance.

Group turnover and concession sales increased by 5.4%, or 6.1% on a constant-currency basis, with positive sales growth recorded across every business segment. Headline earnings per share rose 9.6% to 167.4 cents.

The company noted that gross profit margins remain under pressure due to investments in distribution capacity, targeted pricing initiatives, and promotional activity, although disciplined cost control has supported overall profitability.

Woolworths also increased its interim dividend to 118 cents per share and continued its share buyback programme, repurchasing 6.9 million shares at an average price of R51.23.

Following Bagattini’s departure at the end of May 2026, Sam Ngumeni officially assumed the position of Group CEO on 1 June 2026 and now leads the next chapter of the retailer’s operations.