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Johannesburg – Former Steinhoff CEO Markus Jooste banked a total of R121.8m in earnings in 2017 for services he provided to Steinhoff International, the audited results of Steinhoff Africa Retail (STAR) have revealed.
The financial statements of STAR (where Jooste was a non-executive director) for the financial year ended September 30 were published on Friday.
The audited financial results of Steinhoff International Holdings, meanwhile, have been delayed after the company redflagged "accounting irregularities requiring further investigation".
STAR is the emerging and developed market retail business arm of Steinhoff. It listed separately on the JSE on September 20, 2017, and raised R15.4bn.
The remuneration report shows that Jooste was paid R121.8m for services he provided to Steinhoff International Holdings. This was up 35% from the R90.1m he received in 2016.
He received R35.6m as basic remuneration, R356 000 in company and pension fund contributions, R39.9m as an annual bonus, R8.3m as a strategic bonus, R36.7m as a deferred bonus.
He did not receive any company director's fees.
Jooste resigned from his position as Steinhoff CEO with immediate effect on 5 December. On the same day he also resigned from the STAR board with immediate effect.
In STAR's financial statements, Jooste was listed as a members of the company's human resources and remuneration committee.
STAR resilient
Despite Steinhoff International's share price plunge following Jooste’s resignation, STAR has remained fairly resilient.
While Steinhoff lost as much as 91% of its value last week before firming somewhat this week, STAR’s share price fell from around R25 to R17.
The share price was trading at R16.60 at 13:32 on the JSE on Friday. Steinhoff indirectly holds 76.81% of STAR’s issued share capital.
News24 documented Jooste’s lavish life in the Cape, and his numerous properties. Jooste has a net worth of R5.8bn and is one of the country’s top 20 best paid executives.
None executive director Heather Sonn, who has taken over the role of non-executive chairperson at Steinhoff following Christo Wiese’s decision to step down on Thursday, was paid R1.523m, which more than doubled from R548 000 received in 2016.
STAR's former CEO Ben la Grange, who stepped down on Wednesday, earned R50.1m in 2017 compared with R38.7m he received in 2016.
"The Board of STAR has requested [La Grange] to remain as a non-executive director of STAR, which he has agreed to do. The Board furthermore announced that the current COO of the Company, Leon Lourens has been appointed to the Board and has furthermore been appointed as CEO of STAR with immediate effect," it said in a statement last week.
The group's CFO RG Hanekom took home pay of R7.2m, up 7.2% from R6.7m received in 2016, the financial results show.
Non-executive chairperson Jayendra Naidoo, who was appointed during 2017, earned R947 000.
STAR results
Revenue for the group grew to R57.85bn in the 12 moths ended September 12, compared to the R61.2bn for the 15 months ended on September 30, 2016.
Operating profit reported was R5.7bn, up from R3.6bn. The group’s net cash position was R3.8bn compared to R2.8bn reported in 2016. Headline earnings reported came to 133.6c per share.
Fin24 previously reported that the group’s performance was driven by retailers PEP and Ackermans.
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