Here’s How Much South Africa’s Pieter Boone Receives as a Salary from Pick ‘n Pay in 2023

Due to his contribution to the group’s financial performance, South African businessman Pieter Boone, the former CEO of Pick ‘n Pay, the country’s largest retailer, received a total pay of $1.34 million at the end of the group’s 2023 fiscal year.

Boone, who left his position as Pick ‘n Pay CEO on September 30, 2023, was given a package of benefits that included a basic pay of $0.581 million as well as a short-term incentive based on performance of $0.533 million. The incentive was given to Boone because of the retailer’s outstanding fiscal year-end performance.

In addition, the retailer granted him a long-term incentive award of R5.82 million ($0.316 million) in recognition of his steadfast commitment to the team and his extensive experience as a seasoned professional.

Boone, who began working for the business in 2019 as its chief operational officer, effectively served as its CEO for more than 2.5 years. He oversaw the acceleration of Pick ‘n Pay’s brand, including Boxer, Clothing, and Omnichannel development engines, as well as the introduction of the new QualiSave brand during his time there. He also supervised and developed the launch of the Ekuseni strategic plan.

After Richard Brasher retired on April 21, 2021, Boone was appointed CEO and carefully positioned the company for strong development and improved customer service. Pick ‘n Pay hit significant milestones during his leadership, increasing its gross profit from $1 billion in 2022 to $1.14 billion in 2023.

Sales of products for the massive retailer increased significantly, rising from $4.32 billion to $4.65 billion. Concurrently, trading profit increased significantly, going from $164.69 million to $165.78 million.

With over 25 years of experience in the food retail and wholesale business, he led Pick ‘n Pay through the COVID-19 pandemic with skill, demonstrating his track record of success in the field by overcoming obstacles like the lockdown transition, civil unrest in 2021, and the ongoing load-shedding crisis. He stepped down in September.

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