Bloomberg News

Shoprite CEO Basson Earns 36.5 Million Rand After Earnings Climb

September 30, 2011

Sept. 30 (Bloomberg) -- Shoprite Holdings Ltd., South Africa’s largest retailer by market value, paid Chief Executive Officer Whitey Basson 36.5 million rand ($4.5 million) in the last financial year as earnings rose and the company expanded.

Basson was paid a 32.1 million-rand salary and benefits totaling 4.4 million rand in the year through June, the Cape Town-based company said in its annual report, which was posted on its website today.

In the previous financial year, Basson’s remuneration was 627.5 million rand after he exercised 594.5 million rand worth of share options. The increase in his remuneration this year, excluding the 2010 share options, was 10 percent.

Shoprite’s net income excluding minority interests rose 11 percent to 2.5 billion rand in the year through June, as the company opened more stores and won customers.

The retailer’s shares have climbed 15 percent in the past 12 months, while those of Pick n Pay Stores Ltd., the country’s second-largest grocer, have dropped 15 percent.

--Editors: Robert Valpuesta, Thomas Mulier.

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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