Woolworths CEO salary figures for 2025 have raised eyebrows across South Africa’s corporate and retail landscape. Roy Bagattini, the chief executive of the iconic retailer, earned close to R80 million in a year when the group’s profits fell.
The massive payday highlights the contrast between executive pay and company performance, sparking debate about leadership rewards and accountability.
Woolworths CEO Salary Breakdown
Bagattini’s 2025 pay package reveals just how executive remuneration is structured:
- Base salary: R19.6 million
- Benefits: R4.7 million
- Guaranteed pay: R24.3 million
- Long-term incentives: R12 million
- Total remuneration: R36.5 million
- Single-figure remuneration: R79.9 million
The concept of single-figure remuneration gives a bigger picture of overall income. It includes vested shares, long-term schemes, and other performance-linked items. For Bagattini, this single-figure total marks a sharp jump from the R65.3 million he earned in the previous year.
Other Executive Salaries
The Woolworths CEO salary was not the only one under scrutiny. Other executives also saw significant increases:
- Sam Ngumeni, CEO of Woolworths Food, saw his single-figure remuneration rise to R26 million, up from R20.9 million.
- Zaid Manjra, Group Finance Director, moved from R5.2 million in 2024 to R9.2 million in 2025, reflecting his first full year in the role.
Together, the top three executives earned R115.1 million in 2025 compared to R91.4 million the year before.
Woolworths in Financial Pain
The rising Woolworths CEO salary comes at a time when the company is under pressure:
- Group profit before tax: Dropped 14.4% to R3 billion.
- Headline earnings per share: Fell 26.4%.
- Dividend: Declined from 265.5 cents to 188 cents.
The company’s food business continued to deliver strong performance, with turnover growth of 11%, while Fashion, Beauty and Home delivered modest gains. However, the group’s Australian subsidiary, Country Road Group (CRG), dragged results down with declining sales and heavy impairments of nearly R1 billion.
Why Executive Pay Still Climbs
Critics question why the Woolworths CEO salary rose in the face of weaker profits. The answer lies in how executive pay is structured. Guaranteed pay covers salary and benefits, while share schemes and incentives reflect longer-term company performance. As shares vested in 2025, Bagattini’s remuneration climbed despite subdued annual results.
Investor and Public Perception
The rise in executive pay against a backdrop of declining earnings sparks questions about fairness. Investors may tolerate high pay if long-term strategy succeeds, but customers and the public often perceive such increases as tone-deaf. For Woolworths, reputational management is just as important as financial performance.
Lessons for Business Leadership
The Woolworths CEO salary debate highlights broader themes in corporate governance:
- Transparency in remuneration is critical to maintaining investor confidence.
- Long-term incentive plans can create large swings in annual pay.
- Alignment between pay and performance is key to avoiding reputational backlash.
For aspiring business leaders, the lesson is clear: success brings rewards, but scrutiny is inevitable when those rewards appear disconnected from results.
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Final Word: Woolworths CEO salary
Woolworths CEO salary figures for 2025 show Roy Bagattini earning nearly R80 million, even as the group reported weaker profits and dividends. This contrast underscores the complexity of executive remuneration and the growing pressure on companies to balance reward structures with performance. Whether one views it as justified or excessive, the numbers will keep Woolworths in the spotlight for months to come.
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