He was paid up to a total of R100.1m when the one-time R50m bonus on performance was added. Shoprite Holdings Limited, an investment company that engages in the food retailing business. under the OK Furniture and OK Power Express stores. But, a few miscalculations have seen him wipe fortunes off his balance sheet. The average FTSE 100 company CEO is paid about 129 times more than the average employee. Shoprite Holdings announced at the company's Annual General Meeting held on 31 October 2016 that the company's Chief Executive Officer, Whitey Basson, decided to retire at the end of December 2016. He acquired Ackermans, a clothing chain, in 1986. It operates through the following segments: Supermarkets RSA, Supermarkets Non-RSA, Furniture, and Other. Meet the 5 African billionaires who gained fortunes in 2015, Supermarket chain Morrisons is the latest UK supermarket to reveal disappointing results, but a South African billionaire believes he can find profits in British retailing. In 1991 Pepkor made four additional acquisitions. Africa is awakening. The collapse of the Steinhoff share price was a significant blow, pushing him down the ranks of the world’s wealthiest. Franchise Opportunities. The South African billionaire is currently facing a legal battle to recover more than $1 million in cash that was seized from him in 2009 by British customs officials. Last year, he voiced his thoughts in an opinion article in Ernst & Young’s 2011 Africa attractiveness survey: “I’m extremely positive about investment in Africa. Basson led Shoprite from 1979 to 2016. By Janice Kew Oct 4, 2016. Its main operating subsidiaries are Pep and Ackermans in South Africa and Best & Less in Australia, all based on a high volume/lower margin business model. All Rights Reserved, This is a BETA experience. This is also an equivalent of $67.7 million. about how it all began and where it’s going. The Other segment offers trading in RSA and Non-RSA, including franchise operations, and retail and wholesale of pharmaceutical products. Skip to Navigation; Skip to Content; Skip to footer; Sign in. 7. Love or hate him; former Shoprite CEO Whitey Basson is a retail genius. Pieter Engelbrecht (CEO of Shoprite) Shoprite CEO, Pieter Engelbrecht aged 49, earns a total compensation of R18.5m. Insurance executives from all lines of business are waiting to see the full fallout of the pandemic, and next year’s Forbes Global 2000 insurance rankings may look very different. Shoprite CEO scoops R50m performance bonus. This bonus also served as an incentive for having served the company for so long. It’s a huge market of almost a billion people with huge resources and a young population. Stock Market 2 hours ago. Wiese had been carrying the cash in his personal hand luggage while attempting to board a flight from England to Luxembourg. What advice would you give the CEO of Shoprite Store about how to improve it? The Supermarkets Non-RSA consists of retail operations under the Shoprite, Checkers, Checkers Hyper, Usave, and Hungry Lion brands outside of South Africa. Mika Miyazato Net Worth. There were no clothes shops in the country, and a colleague from Pep Stores with whom he had made the trip told him, “You know, we can’t come and open shops here because people prefer to buy  their clothes from hawkers,” Wiese recalled during an interview with South Africa's Leadership magazine. If it had a slogan, it would be similar to that of the U. S. Post Office: nor rain, nor Siberian ice, nor negative futures can take Russia’s state owned oil firms off the Forbes Global 2000 list. He was paid up to a total of R100.1m when the one-time R50m bonus on performance was added. Streaming issues? Apart from serving as chairman of Pepkor, Shoprite and Tulca, he is on the board of South African media giant Primedia and financial services firm PSG Group Ltd. Wiese is 70, but he says he’s not prepared to step aside anytime soon. One of the salesmen sent back a telegram, saying: “There’s no market here because nobody here wears shoes,” and the other one sent a telegram back: “I’m elated because what a market – because nobody has shoes.”. Asked December 16, 2016. 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In the UK, CEOs are under scrutiny, with questions over whether their remuneration is worth it when you look at the value they add. Report here. South African billionaire Christo Wiese owes the South African Revenue Service $245 million, or R2billion in unpaid taxes, reports state-owned South African Broadcasting Corp. Christo Wiese is the brain behind Shoprite, Africa’s most storied retail chain. ShopRite originated in 1946, when a Del Monte Foods sales representative talked to independent grocers in Newark, New Jersey.The grocers were having problems getting reasonable prices for wholesale goods. Christo Wiese’s fortune fell by a whopping $3 billion in just two days after retail conglomerate Steinhoff Holdings announced its CEO had resigned due to accounting irregularities. The Supermarkets RSA segment includes retail operations under the Shoprite, Checkers, Checkers Hyper, and Liquor Shop stores in South Africa. ShopRite Supermarkets is a retailers’ cooperative (co-op) chain of supermarkets with stores in New Jersey, New York, Connecticut, Delaware, Maryland, and Pennsylvania. Engelbrecht will coin it if the retailer's share price moves higher. Answered January 13, 2019. Now I travel across Africa, helping FORBES track the richest people on the…, I previously worked as a reporter for Business Daily, Kenya's largest business newspaper. Christoffel Wiese is also a CEO but a Non-Executive one. Africa has a wonderful climate, wonderful people and amazing possibilities. Pieter C Engelbrecht is CEO/Executive Director at Shoprite Holdings Ltd. See Pieter C Engelbrecht's compensation, career history, education, & memberships. In 2013 he was among the world’s top 400 richest people, and in 2017 had an estimated worth of about $66bn, according to Forbes. Clare Wiese, the daughter of South African billionaire, Christo Wiese, has reportedly acquired a $6 million villa in the upmarket Clifton area of Cape Town, South Africa. Going by the company’s most recent annual report published in June 2019, Shoprite values its equity in its Nigerian subsidiary at R 1.164 billion (1.1 billion rands). Using his own money, Shoprite's CEO Pieter Engelbrecht bought a large number of contracts for difference worth R20 million. Shoprite Holdings CEO Pieter Engelbrecht has joined the group’s nomination committee to provide certainty for management as the board battles to find a replacement for Christo Wiese. The company acquired the retail chains Smart Group Holdings, Cashbuild, Checkers and Stuttafords and in the same year, Wiese led the company to open its first retail outlet in Scotland. By 1979, Pep Stores made its foray into the food retailing business with its acquisition of Shoprite, a small chain of retail outlets spread across South Africa. play_arrow. When Wiese went to Zambia in the early 1990s to open up a clothing store, he discovered that clothing was sold on the street pavement by hawkers. Wendy Lucas-Bull (67) Chairman. The Shoprite CEO Basson had a basic salary totaling to R49.6m in 2016. With Wiese at the helm, the company made some audacious acquisitions. South African billionaire, Christo Wiese, Executive chairman of Pepkor- South Africa’s largest discount clothing retailer, has revealed plans to open new outlets for the low-cost clothier in Nigeria, Bloomberg has reported. Subsequently, Pepkor listed its clothing interests on the JSE as Pep Limited and its food interests as Shoprite Holdings Limited. The Del Monte representative suggested the grocers try cooperative buying. LPGA Tour pro Mika Miyazato , a Japanese nationwide, is best referred to as the 2004’sJapan Amateur Championship winner (won… The group has some 2,800 stores and employs almost 28,000 people. Become a Shareholder. A British judge ordered that the money be seized on the suspicion that it was the proceeds of crime, but according to the Daily Mail, Wiese and his lawyers have explained that the money was part of profits from diamond deals in South Africa in the 80s and 90s and had been kept in a safety deposit box in the Ritz hotel because of foreign exchange restrictions in his homeland. Use Forbes logos and quotes in your marketing. Supply Chain Management. After acquiring a bachelors’ degree in law from the University of Stellenbosch, Wiese practiced at the Cape Bar for several years before taking up a job as an Executive Director at Pepkor, a discount clothing chain his parents had helped found. 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