South Africa’s retail executive sells shares worth over $2m as pay backlash mounts

The chief executive of South Africa’s retail giant, Woolworths, sold roughly R36.85 million (about $2.16 million) in company stock on 5 December 2025, a move that comes as the firm faces growing scrutiny over executive remuneration.

• Woolworths CEO Roy Bagattini has sold shares worth about R36.85 million, adding pressure to an already heated debate over executive pay.
• The sale comes weeks after shareholders pushed back against rising remuneration across the retailer’s top leadership.
• Woolworths is navigating mixed financial results, with strong food performance but weaker returns in fashion and its Australian subsidiary.
• Analysts say the company’s food division remains its biggest stabilising force as the group faces investor scrutiny.

Roy Bagattini, who took the helm in 2020, disposed of 650,000 shares at an average price of 5,669.12 cents each.

The sale forms part of a broader wave of executive pay increases announced for the year ended 30 June 2025.

Bagattini’s single-figure remuneration alone rose from R65.3 million to R79.9 million, a pattern repeated among his senior leadership.

In the same year, newly appointed CEO of Woolworths Food, Sam Ngumeni, saw his pay climb from R20.9 million to R26.0 million, while Group Finance Director Zaid Manjra earned R9.2 million, up from R5.2 million the prior year.

The pay spike triggered discontent among shareholders. At Woolworths’ annual general meeting, the remuneration policy was approved, but not without opposition.

Only 62.39% voted in favour, while 37.61% opposed it. Although non-binding, the King IV Code of Governance requires Woolworths to engage with stakeholders. The board acknowledged shareholders’ concerns and invited written feedback.

The backdrop to these developments is a mixed performance by the group. The food business delivered above-market growth, with an 11.0% increase in turnover and concession sales and a strong 7.7% comparable-store growth.

Meanwhile, its Fashion, Beauty and Home (FBH) segment saw only modest gains: turnover rose 4.7%, sales rose 5.1%, yet net trading space declined by 2.3%. Adjusted EBITDA stood at R2,491 million, a slight drop of 0.4 % compared with the prior period.

Internationally, the group’s Australian offshoot, Country Road Group (CRG), is undergoing major restructuring. Sales at CRG fell 5.4 % overall and 6.8 % on a like-for-like basis. Reported aEBITDA plunged 41.1 % while under-performing brands were impaired by A$917 million.

Group earnings reflect the slowdown: basic earnings per share dropped 5.5% to 273.4 cents, headline EPS fell 26.4% to 268.1 cents, and dividends slumped from 265.5 cents to 188 cents per share.

Despite these choppy numbers, the stock recently earned a buy recommendation from analyst Fisokuhle Mbutho of PSG Wealth, who highlighted the strength of Woolworths’ food business and argued it could offset weak FBH volumes and economic headwinds facing CRG.

A trading update for the 19 weeks ended 9 November 2025 also showed turnover and concession sales rising 6.2 %, comfortably outpacing inflation.

As Woolworths navigates investor pressure, economic headwinds, and a shifting business mix, the sale of Bagattini’s shares signals both personal profit-taking and renewed scrutiny on corporate remuneration among Africa’s largest retail players.