Steinhoff’s Jooste paid R5m for last two months

JOHANNESBURG – Disgraced former Steinhoff International chief executive Markus Jooste was paid a total sum of R5.07million for his last two months at the helm of the troubled retailer.

This was contained in the Pepkor Holdings annual report for the year to end September released yesterday, in which it listed Jooste as a non-executive director on the board before his resignation.

Steinhoff International’s share price plunged on the news, ending the day nearly 9percent lower at R1.66, while Pepkor’s share price was unscathed, up 3.14percent at R20.01.

Jooste received R5.01m as remuneration and R62 000 as a pension contribution.

Jooste’s 2018 annual package was way below the amount of R121.82m he received in 2017.

Jooste left Steinhoff at the beginning of December 2017 after the group admitted to accounting irregularities which led to a 95percent decline in its share price and losing more than R200billion in market capitalisation.

As a result, the group is yet to publish the 2017 and 2018 financial results, but are expected to be released in mid-April after PwC has completed the forensic investigation. Jooste and Steinhoff face multiple lawsuits.

Steinhoff acting chief executive Danie van der Merwe was paid a total of R24.32m, which included a retention or deferred bonus of R8.33m, and a pension contribution of R557 000 during the year.

Pepkor chief executive Leon Lourens was paid a sum of R13.77m for the year, with a remuneration of R5.80 a salary package, a deferred bonus of R3.90m and an annual bonus of R2.10m.

In the year to end September, Pepkor reported a 10.9 percent increase in revenue to R64.2 billion and 4.2 percent increase in earnings before interest, tax, depreciation and amortisation (Ebitda) to R7.1bn.

Pepkor generated cash from operations of R5.3bn during the year.

Pepkor owns brands such as Pep Stores, Ackermans, Russells, Bradlows, Flash and Poco. the group was unbundled from Steinhoff and listed separately on the JSE in September 2017.


107602954 - Steinhoff's Jooste paid R5m for last two months

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