Mr Price CEO Mark Blair experienced a significant decrease in total remuneration, with a R45m drop, as the company failed to meet its financial objectives during the year.
- Long-Term Incentives Not Vested: Due to the group’s failure to meet financial performance conditions, R36m in long-term incentives did not vest for Blair, impacting his total remuneration.
- Short-Term Incentives Unpaid: Blair also missed out on R11.6m in short-term incentives (STI) due to the company’s failure to meet financial objectives.
- Decline in Operating Profit and Margin: Mr Price reported a 0.5% decrease in operating profit, amounting to R4.9bn, while the operating margin fell sharply by 260 basis points to 15.1%.
- Dividend Reduction: The company cut its dividend by 5.9%, resulting in a payout of 759.6c per share, down from the previous 807.3c.
- Impact on CFO: The group’s CFO also experienced a decrease in remuneration, with R6.4m in short-term incentives unpaid due to the company’s failure to meet financial objectives.