Shoprite CEO Pieter Engelbrecht is South Africa's highest-paid (R83 million) retail boss

On the Money Minute, Zinathi Gquma talks about the country’s highest-paid CEO in the retail sector, Shoprite's Pieter Engelbrecht.

Listen below.

Shoprite CEO Pieter Engelbrecht is the best-paid retail CEO in the country, with a package topping R83.3 million in the 2024 financial year. 

“[This is] the basic salary of almost R19 million (per annum), which increased by 7% from the 2023 financial year… It also includes bonuses, short-term incentives and long-term incentives (shares).” 

- Zinathi Gquma, Money Minute

Shoprite has seen immense growth under Engelbrecht.

General staff received an annual increase in May, resulting in an average hourly rate of R30.63 (11% above minimum wage).

“The new Companies Amendment Act require companies to disclose the lowest paid employees and the highest paid… There must be transparency.” 

- Zinathi Gquma, Money Minute

Scroll up to the audio player to listen to the discussion.