Will Pick n Pay CEO lose 1-million of his share options?
The group is in a strong cash position and its management’s work in the past could ensure future annual bonuses
Without a significant and sustained hike in the Pick n Pay share price in the next few days group CEO Richard Brasher can wave goodbye to 1-million of his share options. The five-year term of the options, which were granted to Brasher when he was appointed CEO in 2012, were extended for 12 months when they failed to meet the vesting condition in November 2017. The condition was that the weighted average share price for the 20 days to November 14 2017 had to be at least R68.03. Remuneration committee chair Hugh Herman says the committee made the decision to grant a 12-month extension at a special meeting in September 2017. In his 2018 report, Herman says Brasher has successfully implemented the strategic action needed to "reset the long-term earnings trajectory of the group". But the prevailing political and economic climate hit sentiment in the local equities market, says Herman. He also believes the share price has been hit by the impact of the R200m cost of the voluntary severance...
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