Retired Truworths International CEO raked in R30 million in bonuses in the past year


Johannesburg – Truworths International paid its chief executive officr of 30 years Michael Mark a total single figure remuneration of R44.34 million an increase from R17.3 million a year earlier as he enjoyed bumper long-and-short-term incentives, said the group in its 2021 integrated annual report released yesterday.

Mark, who announced his retirement last year is the longest-serving CEO of JSE-listed company. He has been an employee of Truworths since 1998 and was appointed on the board in 1991. The annual report said Mark received R15 million in long-term incentives, R14.9 million in short-term cash incentives and his annual guaranteed pay remaining unchanged from last year at R9.95 million.

Chief financial officer David Pfaff, who stepped down in February this year, received R11.4 million including a R4 million guaranteed pay cheque and R7.2 million in long-term incentives.

As part of the succession plan, the retailer promoted Sarah Proudfoot to the newly created position of deputy managing director in January 2021 while Emanuel Cristaudo was appointed as CFO in July 2021.

“Michael, Sarah and Emanuel are working closely in a consultative and collaborative relationship, and are increasingly involved in joint executive decision-making during this transitionary phase. The Nomination Committee is also focusing on longer-term succession,” said the group’s annual report.

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