Truworths Boosts Chief Executive’s Pay 24% as Profit Increases

Truworths International Ltd. (TRU), South Africa’s largest clothing retailer by market value, raised Chief Executive Officer Michael Mark’s pay by 24 percent in its last fiscal year as profit increased.

Mark earned 19.3 million rand ($2.45 million) in the 12 months through June 26, including base salary of 4.87 million rand and a 9.88 million-rand performance bonus, Cape Town-based Truworths said in its annual report, published on its website. He was paid an additional 10.8 million rand as part of a performance share-based plan, up from 10.5 million rand in the prior period.

Annual net income climbed 21 percent to 1.94 billion rand as the retailer opened more stores, Truworths said on Aug. 18. Sales rose 13 percent to 8.68 billion rand. The company’s stock has gained 12 percent in 12 months.

To contact the reporter on this story: Janice Kew in Johannesburg at jkew4@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net