As Shoprite CEO pay tops R117m, group wants to lock him in for six years
Engelbrecht to be incentivised over a 'strategic period' with special share award.
The CEO of Shoprite, Pieter Engelbrecht, earned a total remuneration of R117.79 million in the 2026 financial year, a 35% increase from the previous year's R87 million. This significant rise was due to the executive super stretch incentive (ESSI), which awarded share appreciation rights in October 2023. Shoprite is now proposing to shareholders the CEO Executive Share Plan (CEO-ESP) at its November AGM, requiring a 50% plus one vote to pass.
This award aims to incentivize the successful execution of strategic, transformational, and succession-related outcomes over a six-year period. Engelbrecht has dedicated 29 years of continuous service to the company, leading it through a period of exceptional growth, digital capabilities development, and shareholder value creation.
Under the CEO-ESP plan, Engelbrecht will receive 525,000 performance shares, valued at R170 million at the current share price. The plan is designed to sustain future earnings growth, deliver strategic technology initiatives, strengthen organizational capability, develop future leadership talent, and manage an effective succession process.
The financial measures for the plan include market share growth (cumulative growth of 8.5%) and internal rate of return on shareholder returns (cumulative growth of 12.5% per annum). Non-financial measures consist of enterprise transformation, organizational transformation model, and group leadership transition. The ESSI, which Engelbrecht's performance triggered, awarded him 640,000 share appreciation units, valued at R36.4 million.
The first tranche of R12.13 million will be paid in cash, with the remainder deferred to 2027 and 2028.
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