Chamwe Kaira
Woolworths Holdings Limited has awarded incoming Group CEO Sam Ngumeni a once-off share award valued at about R69.7 million.
The award includes 995,715 shares bought on the open market by the Woolworths Holdings Share Trust.
Based on a share price of about R70, the total value is just under R70 million.
The shares form part of a performance-based incentive. They will vest over five years until June 2031 if set targets are met. These targets include share price growth, headline earnings per share and returns on capital employed.
The shares will be held in escrow during the vesting period. Dividends will be reinvested into additional shares that will also be subject to the same conditions. Any shares and dividends that do not meet the targets will be forfeited.
The company said the structure is meant to link executive rewards to long-term performance and shareholder value. Ngumeni is expected to take over as CEO on 1 June 2026.
The board said it has confidence in his ability to deliver on the group’s strategy and operations.
The Woolworths Holdings Share Trust confirmed it has completed the purchase of the shares after receiving regulatory approval.
Woolworths operates stores in Namibia and employs about 250 people in the country. Across Africa, the company has more than 60 stores in 11 countries outside South Africa.
