Today's Labour News

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pnp thumb100 BusinessLive reports that Pick n Pay’s just released annual financial statements reveal that CEO Richard Brasher’s remuneration for 2019 was R32m, almost three times what he was paid the previous year.  

He is widely regarded as having saved the retailer from terminal decline.  The real kicker for Brasher in 2019 was the additional R81m he got from the sale of 2.2-million shares awarded to him in 2012 and 2015.  Nobody, it seems, thinks Brasher wasn’t worth every cent he banked last year.  Since Brasher took the job in January 2013, Pick n Pay’s share price has risen 56% to R72.  "Pick n Pay would be in a world of pain right now if it hadn’t been for Brasher," commented Sasfin analyst Alec Abraham.  He went on to say:  "Since Brasher joined, economic conditions have deteriorated significantly and the competitive landscape has intensified.  Brasher stabilised the group and made it more competitive. Improved labour productivity, greater levels of centralised distribution and better buying all helped to produce cost savings — which were used to cut the prices of 2,500 grocery lines and gain market share."

  • Read the full original of Ann Crotty’s report on Brasher’s remuneration at BusinessLive


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