Former Pick n Pay CEO Pieter Boone, who led the group when it implemented its “strategically flawed” Ekuseni plan, received a nearly R16 million golden handshake after parting ways with the retailer last year.
The group stated in its annual report, released this week, that Boone received a R15.7 million “termination settlement”, his R7.8 million base salary, and R1.1 million in other benefits for the financial year ended in February.
Outgoing chair Gareth Ackerman said in the report that several “black swan” events, together with “inappropriate strategic initiatives, caused a precipitous decline in the profitability of our core Pick n Pay business”.
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