Woolworths Pays Ian Moir $1.7 Million in His First Year as Chief Executive

Woolworths Holdings Ltd., a South African clothing and food retailer, paid Chief Executive Officer Ian Moir 13.6 million rand ($1.7 million) in his first year at the helm of the company as sales rose.

Moir earned 5.3 million rand as his total guaranteed pay in the 12 months through June and 8.3 million rand as a performance bonus, Cape Town-based Woolworths said in its 2011 annual report, posted on its website.

Woolworths’ sales rose 9 percent to 25.8 billion in the year through June 26 as it opened new stores. The retailer’s shares have gained 46 percent over the past 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

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