Behind the CEOs Paid R140K a Day by Woolworths for a Decade

• Woolworths paid former CEOs Ian Moir and Roy Bagattini a combined R508.75 million over 10 years, averaging about R140,000 per day depending on performance-linked incentives
• Moir’s earnings declined after the failed Australian expansion, while Bagattini’s pay peaked in 2023 at over R122 million during a strong company turnaround year
• Despite volatile share performance and restructuring challenges, Woolworths continued paying high executive incentives tied to profits, share awards, and long-term performance targets

Woolworths’ top executive pay over the past decade has come under fresh scrutiny after new analysis showed that the retailer paid its two most recent CEOs a combined R508.75 million between 2016 and 2025, averaging roughly R140,000 per day over ten years. The figures, drawn from company remuneration reports and analysed by BusinessTech, cover former CEOs Ian Moir and Roy Bagattini, who led the group through a period of major restructuring, international challenges, and shifting shareholder returns.

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The combined remuneration reflects a decade of performance-linked pay, share incentives, and restructuring outcomes across Woolworths’ South African and Australasian operations. While the headline figure appears steady, the annual breakdown shows significant volatility depending on company performance and incentive payouts.

According to Business Tech, Ian Moir, who led Woolworths until February 2020, reached his peak remuneration of R53.7 million in 2016 during a strong earnings period. However, his earnings declined sharply in later years as the group struggled with its Australian expansion, particularly the underperforming David Jones acquisition. By 2019, his total remuneration had dropped to R23 million as performance-linked incentives were forfeited.

Roy Bagattini took over in February 2020 and remained CEO until May 2026. His package reflected a broader scope of responsibility, covering both South African and Australian operations, and included performance bonuses and long-term share awards. His highest single-year payout came in 2023 at R122.4 million, driven by a strong turnaround in profitability and incentive vesting.

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How executive pay was structured

The remuneration structure was heavily tied to performance targets, share-based incentives, and long-term retention awards. While base pay formed a portion of earnings, the majority came from variable incentives linked to company profitability, earnings per share, and shareholder returns.

Bagattini’s earnings remained elevated even during weaker trading years, particularly due to a restricted share plan awarded upon his appointment in 2020. This sign-on package was designed to compensate for incentives he forfeited at his previous employer and contributed significantly to his final payouts in 2024 and 2025.

Business performance and share price movement

Woolworths’ share performance over the same period reflected a volatile decade. The stock traded near R93.50 in 2016 before declining sharply amid concerns over international expansion strategy and broader economic pressures. By 2019, it had fallen below R50 and later reached a low of R30.21 during the pandemic in 2020.

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Source: Briefly News