Steinhoff chief executive gets double-digit increase in basic salary


Johannesburg – Steinhoff International increased the basic salary of its chief executive Louis du Preez by 10.83% to 1.33 million pounds (R24.22million) for the year to end September 2020, disclosed the retailer in its annual report released on Friday.

Leadership of the company have had to steer Steinhoff following its fallout from an accounting fraud in 2017 destabilised the company, which is still facing litigation, and has led to it selling assets and streamlining its portfolio.

Du Preez’s total remuneration also increased to 3.45million pounds, up by 26% compared to 2.72 million pounds he earner a year earlier. The total remuneration was made up of the 1.33million pound salary, a pension of 54,000 pounds, accrued annual bonus and long-term incentive of 1.53million pounds, annual leave paid out of 116,000 pounds and an annual bonus of 415,000 pounds.

Steinhoff’s chief financial officer Theodore de Klerk took home a total remuneration package of 2.88 million pounds during the year, up from 2.10million pounds compared to a year earlier.

The executive remuneration and annual reports were released together with the group’s trading performance fort he first quarter to end December.

The group reported a 1% increase in group revenue to 2.54billion pounds, with the disruption from Covid-19 continuing to make an impact in the business during the period.

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