Woolworths CEO Roy Bagattini has offloaded company stock worth roughly R36.85 million (about US$2.16 million), piling more pressure on the already-heated debate over executive remuneration at one of South Africa’s biggest retail groups. The disposal of 650,000 shares on 5 December 2025 lands squarely in the middle of mounting shareholder dissatisfaction over soaring pay packages.
Bagattini’s sale follows weeks of investor pushback after top executives’ compensation surged for the financial year ending 30 June 2025. His own single-figure pay climbed from R65.3 million (US$3.83m) to R79.9 million (US$4.69m). Woolworths Food CEO Sam Ngumeni’s remuneration jumped from R20.9 million (US$1.23m) to R26.0 million (US$1.53m), while Group Finance Director Zaid Manjra earned R9.2 million (US$544k), up from R5.2 million (US$308k) the year before.
The discontent crystallised at the retailer’s annual general meeting, where the remuneration policy received only 62.39% support, with 37.61% voting against it, an unusually high level of opposition for a major South African listed company. Although the vote is non-binding, the King IV governance code obliges Woolworths to consult dissenting shareholders. The board has since acknowledged the pushback and opened channels for written feedback.
The controversy unfolds against uneven financial performance. Woolworths’ food division remains its strongest anchor, delivering 11.0% turnover and concession sales growth, with 7.7% comparable-store growth. But the Fashion, Beauty and Home segment posted muted numbers, with 4.7% turnover growth and a slight contraction in net trading space. The division’s adjusted EBITDA slipped 0.4% to R2.49 billion (US$146m).
International pressures persist. The Australia-based Country Road Group, currently undergoing major restructuring, recorded a 5.4% sales decline, a 41.1% collapse in reported aEBITDA, and impairments totalling A$917 million (US$613m) tied to underperforming brands.
The strain is evident in the group’s broader earnings: basic earnings per share fell 5.5% to 273.4 cents (US$0.0159), headline EPS dropped 26.4% to 268.1 cents (US$0.0156), and dividends slid from 265.5 cents (US$0.0154) to 188 cents (US$0.0109) per share.
Even so, analysts aren’t uniformly bearish. PSG Wealth’s Fisokuhle Mbutho recently issued a buy recommendation, arguing that the food division’s strong momentum can offset weak volumes and headwinds in the Australian business. A trading update for the 19 weeks to 9 November 2025 showed turnover and concession sales up 6.2%, outpacing inflation.
Bagattini’s multimillion-rand share sale now becomes a lightning rod for broader dissatisfaction with corporate pay practices in South Africa’s retail sector, spotlighting both personal profit-taking at the top and rising investor intolerance for soaring executive packages amid inconsistent financial performance.
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