Despite Woolworths’ continued negative earnings growth, CEO Roy Bagattini took home a massive R79.9 million in total single-figure remuneration for the financial year ended 30 June 2025 – a significant jump from R65.3 million in 2024.
The eye-popping payday comes at a time when the group has reported declining earnings, raising eyebrows among shareholders, analysts, and the public.
Breakdown of Bagattini’s 2025 Remuneration:
- Base salary: R19.6 million
- Benefits: R4.7 million
- Guaranteed package: R24.3 million
- Long-term incentives: R12 million
- Single-figure remuneration (including share vesting): R79.9 million
Single-figure remuneration includes deferred and vested shares with performance conditions and reflects income from long-term share schemes.
Executive Pay Rises Across the Board
Bagattini wasn’t the only top executive with a pay bump:
| Executive | FY25 Single-Figure Remuneration | FY24 Single-Figure Remuneration |
|---|---|---|
| Roy Bagattini (CEO) | R79.9 million | R65.3 million |
| Sam Ngumeni (CEO, Woolworths Food) | R26 million | R20.9 million |
| Zaid Manjra (Group Finance Director) | R9.2 million | R5.2 million (partial year) |
| Combined | R115.1 million | R91.4 million |
Ngumeni, who assumed his new role on 1 July 2024, also saw a 24% increase in his single-figure pay.
Public Reaction & Corporate Context
The timing of these payouts has stirred criticism.
While executive compensation is performance-linked over the long term, many are questioning the optics of such high rewards amid:
- Earnings declines
- A struggling retail sector
- Cost-of-living pressures on consumers
Woolworths has yet to publish its full annual results for FY2025, but early indicators show headwinds from weak discretionary spending and higher operational costs.
Despite tighter consumer wallets and subdued profit performance, Woolworths executives walked away with record remuneration packages.
As corporate South Africa continues to face scrutiny over inequality and executive pay, these figures are likely to fuel fresh debates on corporate governance, shareholder accountability, and ethical compensation.
At which South African supermarket do you do the majority of your shopping?
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