Shoprite Holdings Ltd., South Africa’s largest retailer by market value, said Chief Executive Officer Whitey Basson earned 627.5 million rand ($90 million) in its last financial year, after he exercised 594.5 million rand worth of share options.
Basson was paid a 25.4 million-rand salary and benefits totaling 7.7 million rand in the year through June, the Cape Town-town-based company said in its annual report, which was posted on its website today. In the previous financial year, Basson earned 24.1 million rand in salary and benefits and didn’t exercise any share options.
Shoprite’s net income excluding minority interests rose 13 percent to 2.27 billion rand in the year through June from a year earlier, as it opened more stores and won customers.
The retailer’s shares have surged 59 percent over the past 12 months, while those of No. 2 grocer Pick n Pay have gained 8.4 percent.
To contact the editor responsible for this story: Peter Hirschberg at firstname.lastname@example.org