Today's Labour News

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woolworthsBL Premium reports that Woolworths SA CEO Zyda Rylands was the only executive of the food and clothing group to be awarded a short-term bonus in financial 2019.  

She oversaw a comparatively strong performance at the local operations which helped to counter weak results from elsewhere.  Woolworths has operations in SA, Australia, and New Zealand.  Executive remuneration levels in 2019 were muted in line with the group’s overall pedestrian performance.  But Rylands and CFO Reeza Isaacs, as well as executive director Sam Ngumeni, will benefit from a once-off allocation of shares, with a current value of R56.1m, which were awarded in 2019 and will vest in five years.  Rylands’ R2.1m short-term incentive helped bump up her total remuneration to R12m, almost half of the R23m picked up by group CEO Ian Moir, who currently heads up the troubled Australian business.  Although remuneration for executives is expected to be muted in 2020, in line with expected profit performance, the group’s new chair Hubert Brody is set to get a 30% increase on the R1.7m fees paid to Simon Susman in 2018.  Fees to the lead independent director are also set to surge 20%.

  • Read the full original of the report in the above regard by Ann Crotty at BusinessLive (paywall access only)

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