Today's Labour News

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pnpBusinessLive reports that Pick n Pay CEO Richard Brasher, the former head of Tesco in the UK, was paid R32m for the group’s 2019 financial year.  

He is credited with turning around the SA grocery retailer since joining in 2013.  Brasher’s remuneration included a bonus of R20.6m, Pick n Pay’s financial statements for the year to 3 March show.  His total pay in the prior year had been R11.4m.  Bakar Jakoet, who announced in April that he would retire as Pick n Pay’s finance chief, was paid R20.5m for the year to 3 March.  That included a gratuity payment of R10m "in appreciation of his outstanding contribution to the Pick n Pay group over the 34 years of his career".  Jakoet said in April he would remain in the position until a successor was appointed.  Thereafter, he would serve in a nonexecutive capacity on the board.  Pick n Pay said in April that net profit rose by about a fifth in the year to 3 March.

  • Read the original of Nick Hedley’s report on this story at BusinessLive

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