Woolworths pays approximately R93 600 per year for full-time store employees.
Roy Bagattini, Woolworths CEO, has forfeited a performance bonus pay cheque for the 2025 financial year due to the group’s performance during the period.
“As a result of the group’s financial performance in FY2025, Roy Bagattini, group CEO, will not be entitled to any short-term incentive (STI) as the financial triggers were not achieved for either the financial or strategic component of the incentive plan,” said Clive Thomson, Woolworths remuneration committee chair.
The group’s remuneration report released on Tuesday shows that despite Bagattini not receiving a performance bonus, he walked away with R79.8 million for the financial year.
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Woolworths CEO payday
Bagattini received R4.8 million as a performance pay cheque in the previous financial year. He was able to walk away with nearly R80 million for the financial year 2025 due to the final instalment of a sign-on share allocation granted when he joined the company in 2020.
The CEO’s pay without the sign-on share allocation amounts to R41 million, which is 26.8% less than what he earned in the previous year.
“The final 50% tranche of the CEO’s 2020 sign-on share allocation, amounting to R38.8 million, vested in the FY2025 year bringing his total single figure remuneration to R79.9 million,” added Thomson.
“The CEO received a sign-on share allocation as a contractually agreed component of the overall package required to attract an experienced, international business leader to take over the helm of the group in January 2020.”
Woolworths CEO sign-on shares
Thomson said the sign-on share allocation was intended to compensate the CEO for the value of shares that were forfeited upon his resignation from his former employer in addition to securing comprehensive restraints of trade both in South Africa and Australia.
Before Woolworths, Bagattini was the executive vice-president and president of Levi Strauss & Co.
“The vesting of the sign-on share allocation was staggered over five years, with 25%, 25% and 50% of the award vesting in years three; four and five respectively, subject to the achievement of the board mandated key non-financial performance measures,” said Thomson.
The retailer has 40 168 employees in 41 countries and has set a minimum wage of R45 per hour, which is approximately R93 600 per year for full-time store employees.
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Performance bonus for Woolies Food CEO
The remuneration report details that the Woolworths Food remains the star of the group, as the division’s sales grew by 11% during the 2025 financial year. This performance secured its CEO, Sam Ngumeni, a bonus of R8 million, double of what he received in 2024.
“Sam received a performance bonus calculated in terms of the STI plan as the food division met the financial triggers for both the financial and strategic components,” said Thomson.
Ngumeni’s total remuneration of the year was R25.9 million, with an annual salary of R10.2 million. This is an increase from the previous year when his remuneration was R20.8 million, with an annual salary of R8.9 million.
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