PICK n Pay, which has begun a three-year turnaround under CEO Sean Summers, paid former boss Pieter Boone a sizeable cash “termination settlement” in terms of his contract of employment. Summers replaced Boone effective 30 September 2023.
According to the group’s financial statements, Boone was paid what it terms a “gratuity” of R15.776 million last year.
This was over and above his total fixed remuneration of R9.5 million for the seven months between March (technically 27 February) and end-September. Boone’s base salary for the period was R7.9 million.
Boone stepped down in what the group couched as a mutual decision on 30 September (a Saturday). The group announced this, and the fact that Summers would replace him with “immediate effect” on the Monday morning (2 October). – moneyweb.co.za