Today's Labour News

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woolworthsMoneyweb reports that new Woolworths Holdings CEO Roy Bagattini, who took the top job on 17 February, has been granted over 1.4 million shares under the group’s retention share plan (RSP).

The shares were granted at a weighted average price of R37.8699 per share, with a total transaction value of R54.25 million.  The group says the vesting of these shares “is conditional upon the achievement of Bagattini’s individual performance measures (IPM) and will vest over a three to five-year period”.  The retailer which has two struggling operations, namely its core Woolworths clothing business and its Australian department store chain David Jones, which Bagattini will be expected to turn around.  His full ‘sign-on’ package will be disclosed in the group’s annual report to be published in August and his IPMs will be detailed at that time too.  Bagattini was headhunted from Levi Strauss in the US.  For now, former CEO Ian Moir continues as acting CEO of David Jones.  Moir has been criticised for his remuneration. Despite a cut in pay to R23 million in 2019 (from R30.5 million a year prior), his total earnings over the past five years since the ill-fated purchase of David Jones has been R191 million.

  • Read the full original of the report in the above regard by Hilton Tarrant at Moneyweb

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