Ex-Woolies CEO can net nearly R90m in incentives after retiring
And was paid a performance bonus of R6.5m for last year.
Roy Bagattini, the former CEO of Woolworths Holdings, will receive nearly R90 million in incentives after retiring on May 31, 2026. This comes from his long-term incentives in the restricted share plan (RSP) and performance share (PS) schemes, which have a fair value of R88.5 million as of June 28, 2026. According to Itumeleng Kgaboesele, chair of the retailer's remuneration and talent management committee (Remco), Bagattini remains a retiree-participant in awards made in September 2024 and September 2025, contingent on achieving group performance measures.
Bagattini was awarded R10 million in restricted shares for both years, subject to ensuring a smooth leadership transition and succession. These awards form part of the R88.5 million in outstanding awards. In his final year, Bagattini earned R41.241 million in total remuneration, with R21 million in guaranteed pay and R8.8 million from his September 2023 LTI award.
He also received a performance bonus of R6.5 million, totaling R4.7 million in dividends on unvested shares and R6.5 million in performance bonuses, all in accordance with scheme rules. The new CEO, Sam Ngumeni, received a performance bonus of R7.1 million in FY26, while the group financial director received a R1.7 million performance bonus.
Ngumeni's package will be entirely paid in rands, unlike Bagattini's partially paid package in both South African rands and Australian dollars.
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