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Pepkor CEO Pieter Erasmus has inked a new deal with the retailer that will see him draw a salary, while altering a hefty agreement over call options related to the collapse of Steinhoff.
Pepkor, Africa's largest retailer by store footprint, said on Tuesday that a call-option agreement, up to 120 million shares at a price of about R24.92 and exercisable in the 2025 financial year, had been cancelled. This has been replaced with a new instrument, which will see a distribution made that will be determined by the extent to which the Pepkor share price exceeds R21 at the end of September 2026, or the end of its 2026 financial year. A call option gives the option to buy a share at a certain price at agreed-upon dates, but not the obligation.
Pepkor, valued at about R70 billion on the JSE, is currently trading at about R19 per share.
