He was paid up to a total of R100.1m when the one-time R50m bonus on performance was added. The average FTSE 100 company CEO is paid about 129 times more than the average employee. Answer See 8 answers. Africa has been called dark and hopeless, but today it is neither of these. Shoprite Holdings announced at the company's Annual General Meeting held on 31 October 2016 that the company's Chief Executive Officer, Whitey Basson, decided to retire at the end of December 2016. 7. Get better managers. Christo Wiese’s fortune fell by a whopping $3 billion in just two days after retail conglomerate Steinhoff Holdings announced its CEO had resigned due to accounting irregularities. This is also an equivalent of $67.7 million. INDEPENDENT NON-EXECUTIVE DIRECTORS. 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The Other segment offers trading in RSA and Non-RSA, including franchise operations, and retail and wholesale of pharmaceutical products. Wiese had been carrying the cash in his personal hand luggage while attempting to board a flight from England to Luxembourg. Basson led Shoprite from 1979 to 2016. In 2013 he was among the world’s top 400 richest people, and in 2017 had an estimated worth of about $66bn, according to Forbes. The company acquired the retail chains Smart Group Holdings, Cashbuild, Checkers and Stuttafords and in the same year, Wiese led the company to open its first retail outlet in Scotland. There were no clothes shops in the country, and a colleague from Pep Stores with whom he had made the trip told him, “You know, we can’t come and open shops here because people prefer to buy their clothes from hawkers,” Wiese recalled during an interview with South Africa's Leadership magazine. He had not gotten a basic pay increment from 2013 and had no one-time payments at least for five fiscal years. Generally speaking, the bigger the hexagon is, the more valuable ShopRite (United States) networth should be on the internet! You may opt-out by. Mika Miyazato Net Worth. Its main operating subsidiaries are Pep and Ackermans in South Africa and Best & Less in Australia, all based on a high volume/lower margin business model. © 2021 Forbes Media LLC. Subsequently, Pepkor listed its clothing interests on the JSE as Pep Limited and its food interests as Shoprite Holdings Limited. It’s a huge market of almost a billion people with huge resources and a young population. Franchise Opportunities. This translates to about N25.6 billion using the official exchange rate. Contact Us. The company was founded in 1979 and is headquartered in Brackenfell, South Africa. Asked December 16, 2016. In 1991 Pepkor made four additional acquisitions. Supply Chain Management. Apart from serving as chairman of Pepkor, Shoprite and Tulca, he is on the board of South African media giant Primedia and financial services firm PSG Group Ltd. Wiese is 70, but he says he’s not prepared to step aside anytime soon. But, a few miscalculations have seen him wipe fortunes off his balance sheet. Insurance executives from all lines of business are waiting to see the full fallout of the pandemic, and next year’s Forbes Global 2000 insurance rankings may look very different. Global Trade Solution. All Rights Reserved. All Rights Reserved, This is a BETA experience. Opinions expressed by Forbes Contributors are their own. about how it all began and where it’s going. The Shoprite CEO Basson had a basic salary totaling to R49.6m in 2016. Now I travel across Africa, helping FORBES track the richest people on the continent and telling their stories. What advice would you give the CEO of Shoprite Store about how to improve it? Surging annual profit at Nestle has helped the water and chocolate giant take back the title of the's world's largest food company—a title it held for a decade before Anheuser-Busch InBev temporarily dethroned it last year. web search. Sources: Factset, Bloomberg, S&P Cap IQ; Forbes. powered by Microsoft News. Going by the company’s most recent annual report published in June 2019, Shoprite values its equity in its Nigerian subsidiary at R 1.164 billion (1.1 billion rands). Former billionaire Christo Wiese will step down as chairman of Shoprite, Africa’s largest grocer, next year, according to a statement issued by the company. In addition to retail, the mogul has been involved with several other companies and sits on numerous corporate boards. He assumed the role on 1 January 2017, bringing with him extensive operational and management experience gained over 20 years with the Group. Answered January 13, 2019. He is widely acknowledged as one of the richest men in Africa today. If it had a slogan, it would be similar to that of the U. S. Post Office: nor rain, nor Siberian ice, nor negative futures can take Russia’s state owned oil firms off the Forbes Global 2000 list. Share this article: Share Tweet Share Share Share Email Share. Shoprite: Organization: Shoprite: Title: CEO: Term: 1971 to 2016: Successor: P.C. Shoprite Holdings chief executive Pieter Engelbrecht’s total remuneration was R21.27m in 2019, up by 4.5percent compared with last year's R20.36m. These are the 29 Africans who are worth $1 billion or more in 2014: South African billionaire retail mogul Christo Wiese is among bidders looking to acquire British Home Stores (BHS), a British department store chain. While the CEO of 37 years is long departed, the chair, Christo Wiese, is clinging to the position. under the OK Furniture and OK Power Express stores. Shoprite CEO's pay up by 4.5% to top R21.27m News Can South Africa's King Of Retailing Succeed In The Brutal UK Market? By Janice Kew Oct 4, 2016. Become a Shareholder. Our Directors. Brett Wing has been named president of ShopRite Supermarkets (SRS), a wholly owned subsidiary of Wakefern Food Corp., which operates 34 ShopRite stores, effective immediately. Wiese’s eldest son, Jacob, 30, is part of the company’s key management staff and will look after the family’s interests in the company when Wiese retires. Elon Musk, the CEO of Tesla Inc and Space X, is now the richest person in the world, after Tesla's share price soared 7.9 per cent on Thursday (Jan. 7). He is widely acknowledged as one of the richest men in Africa today. Report here. Saker ShopRites is one of the highest average volume per store supermarket chains in the country, employing nearly 9,000 associates. The Furniture segment involves in the retail operations. ShopRite originated in 1946, when a Del Monte Foods sales representative talked to independent grocers in Newark, New Jersey.The grocers were having problems getting reasonable prices for wholesale goods. Skip to Navigation; Skip to Content; Skip to footer; Sign in. Use Forbes logos and quotes in your marketing. Debt Securities 1 hour ago. “I believe I am good for another five to seven years,” he said last year during an interview with South Africa's Moneyweb. The exchange rates are modest and will certainly be higher if the transaction was to be at this valuation. South African billionaire Christo Wiese owes the South African Revenue Service $245 million, or R2billion in unpaid taxes, reports state-owned South African Broadcasting Corp. Christo Wiese is the brain behind Shoprite, Africa’s most storied retail chain. Wiese has been the engineer of all this growth, and has reaped some handsome financial dividends in the long run. What is it worth on paper? The Shoprite CEO Basson had a basic salary totaling to R49.6m in 2016. The board appointed Pieter Engelbrecht (born c. 1970), the former Chief Operating Officer, as the incoming CEO as of 1 January 2017. Wiese has seen his own fair share of troubles, too. He had not gotten a basic pay increment from 2013 and had no one-time payments at least for five fiscal years. Bruce Whitfield interviews the remarkable Wiese (net worth R100 billion!) Supplier Portal. Disclamer: ShopRite (United States) net worth are calculated by comparing ShopRite (United States)'s influence on Google, Wikipedia, Youtube, Twitter, Instagram and Facebook with anybody else in the world. Pieter C Engelbrecht is CEO/Executive Director at Shoprite Holdings Ltd. See Pieter C Engelbrecht's compensation, career history, education, & memberships. Business aside, Wiese has been one of Africa’s most vocal economic optimists. Contact Us. That anecdote is reminiscent of South African billionaire Christo Wiese’s story. ... United Capital Plc CEO purchases additional 1.5 million shares worth N8.03 million. Shoprite Holdings CEO Pieter Engelbrecht has joined the group’s nomination committee to provide certainty for management as the board battles to find a replacement for Christo Wiese. Christo Wiese is the brain behind Shoprite, Africa’s most storied retail chain. © 2021 Forbes Media LLC. I also chronicle the stories of successful African enterprises and the entrepreneurs behind them. He was paid up to a total of R100.1m when the one-time R50m bonus on performance was added. Stock Market 2 hours ago. Pieter Engelbrecht is the Chief Executive Officer (CEO) of Shoprite Holdings. play_arrow. Clare Wiese, the daughter of South African billionaire, Christo Wiese, has reportedly acquired a $6 million villa in the upmarket Clifton area of Cape Town, South Africa. Dr Anna Mokgokong (63) Johan Basson (69) Alice le Roux (46) Joseph Rock (51) × NON … Wendy Lucas-Bull (67) Chairman. I previously worked as a reporter for Business Daily, Kenya's largest business newspaper. The banking behemoth is followed by Berkshire Hathaway, Bank of America, Apple and AT&T. With Wiese at the helm, the company made some audacious acquisitions. It operates through the following segments: Supermarkets RSA, Supermarkets Non-RSA, Furniture, and Other. Shoprite's intention to divest from its Nigerian operations appears to be anchored on these factors. The group owns a diverse portfolio of retail outlets centered on the low-price market, primarily selling textiles, clothing and footwear. Shoprite CEO’s dilemma: How much change is enough? His combined interests in Pepkor and Shoprite- the continent’s largest retailer are currently worth $2.4 billion. LPGA Tour pro Mika Miyazato , a Japanese nationwide, is best referred to as the 2004’sJapan Amateur Championship winner (won… But in the initial stage of this position, Engelbrecht has lost a lot of … The Supermarkets Non-RSA consists of retail operations under the Shoprite, Checkers, Checkers Hyper, Usave, and Hungry Lion brands outside of South Africa. One of the salesmen sent back a telegram, saying: “There’s no market here because nobody here wears shoes,” and the other one sent a telegram back: “I’m elated because what a market – because nobody has shoes.”. msn news. Shoprite Holdings Limited, an investment company that engages in the food retailing business. Now I travel across Africa, helping FORBES track the richest people on the…, I previously worked as a reporter for Business Daily, Kenya's largest business newspaper. German shepherd yorkie mix full grown A British judge ordered that the money be seized on the suspicion that it was the proceeds of crime, but according to the Daily Mail, Wiese and his lawyers have explained that the money was part of profits from diamond deals in South Africa in the 80s and 90s and had been kept in a safety deposit box in the Ritz hotel because of foreign exchange restrictions in his homeland. Streaming issues? His combined interests in Pepkor and Shoprite- the continent’s largest retailer are currently worth $2.4 billion. The collapse of the Steinhoff share price was a significant blow, pushing him down the ranks of the world’s wealthiest. South African Billionaire Wiese Reported To Eye New Retail Acquisition, South African Billionaire Wiese Owes $245 Million In Taxes, Says Broadcaster, Meet South African Billionaire Christo Wiese, Mr. Shoprite, South African Billionaire Christo Wiese Eyes Nigeria. Asked December 16, 2016. Shoprite CEO scoops R50m performance bonus. Average market values and profits dropped but China continued to catch up to the U.S., and high profile companies including Zoom and Slack broke into the ranks for the first time. Follow me on Twitter @MfonobongNsehe, © 2021 Forbes Media LLC. There are 29 African billionaires this year, up from 20 just a year ago. After acquiring a bachelors’ degree in law from the University of Stellenbosch, Wiese practiced at the Cape Bar for several years before taking up a job as an Executive Director at Pepkor, a discount clothing chain his parents had helped found. Earnings: R50 million The Managing Director and Chief Executive of Shoprite Holdings Ltd, James Wellwood Basson also known as Whitey has obviously … Africa is awakening. Engelbrecht will coin it if the retailer's share price moves higher. The South African billionaire is currently facing a legal battle to recover more than $1 million in cash that was seized from him in 2009 by British customs officials. Shoprite CEO Pieter Engelbrecht. Meet the 5 African billionaires who gained fortunes in 2015, Supermarket chain Morrisons is the latest UK supermarket to reveal disappointing results, but a South African billionaire believes he can find profits in British retailing. (Photo: Halden Krog / Bloomberg via Getty Images) One of the few constants in life is change — except at Shoprite, it would seem. Careers; Contact Us. Needless to say, it thrived- just like all the other previous stores across the continent. Lafarge gains N111.1 billion on NSE in 14 trading sessions. When Wiese went to Zambia in the early 1990s to open up a clothing store, he discovered that clothing was sold on the street pavement by hawkers. The group has some 2,800 stores and employs almost 28,000 people. Last year, he voiced his thoughts in an opinion article in Ernst & Young’s 2011 Africa attractiveness survey: “I’m extremely positive about investment in Africa. By 1979, Pep Stores made its foray into the food retailing business with its acquisition of Shoprite, a small chain of retail outlets spread across South Africa. Shoprite Holdings Ltd. engages in the management of retail stores. If you were in charge, what would you do to make Shoprite Store a better place to work? The Supermarkets RSA segment includes retail operations under the Shoprite, Checkers, Checkers Hyper, and Liquor Shop stores in South Africa. Based in Keasbey, New Jersey, ShopRite consists of 50 individually owned-and-operated affiliates with over 296 stores, all under its corporate and distribution arm, Wakefern Food Corporation. Christo Wiese’s fortune fell by a whopping $3 billion in just two days after retail conglomerate Steinhoff Holdings announced its CEO had resigned due to accounting irregularities. It’s the best place to invest.”. ShopRite Supermarkets is a retailers’ cooperative (co-op) chain of supermarkets with stores in New Jersey, New York, Connecticut, Delaware, Maryland, and Pennsylvania. Of course, Wiese went ahead and launched a Pepkor store in the southern African country. Global 2000 Highlights: Inside The Numbers Of The World’s Largest Public Companies, The World’s Largest Food And Restaurant Companies In 2020, America’s Largest Public Companies In 2020: JPMorgan Chase Leads For The Second Year In A Row. Pieter Engelbrecht (CEO of Shoprite) Shoprite CEO, Pieter Engelbrecht aged 49, earns a total compensation of R18.5m. Wiese assumed the position of chairman in 1981, and in 1982 he led the company to change its name from Pep Stores to Pepkor Limited. Africa has a wonderful climate, wonderful people and amazing possibilities. Shoprite Group Supplier Awards. A story is told of two shoe salesmen who went to a poor country to undertake due diligence because their parent company was looking to make a foray into the country. Shoprite CEO Whitey Basson has decided to retire, bringing to a close a wildly successful, 37-year stint at the helm of Africa’s largest retailer. Today, Pepkor is a renowned South Africa-based retail investment holding company with stores in 10 countries in Africa, as well as operations in Australia and Poland. The Del Monte representative suggested the grocers try cooperative buying. Richard Saker is owner and operator of 30 ShopRite Supermarkets, 29 pharmacies, 2 liquor stores, and Dearborn Market and Garden Center. Gradually, Whitey Basson 2010 earnings … All Rights Reserved. In the UK, CEOs are under scrutiny, with questions over whether their remuneration is worth it when you look at the value they add. Christoffel Wiese is also a CEO but a Non-Executive one. Love or hate him; former Shoprite CEO Whitey Basson is a retail genius. January 2021 FGN Bond records oversubscription of N88.3 billion. This bonus also served as an incentive for having served the company for so long. Today, Wiese is the largest individual shareholder and chairman of retail giants Pepkor, Shoprite and Tradehold, and one of the continent’s most successful entrepreneurs, with a net worth of $3.1 billion on Forbes' 2012 World's Billionaires List. South African billionaire, Christo Wiese, Executive chairman of Pepkor- South Africa’s largest discount clothing retailer, has revealed plans to open new outlets for the low-cost clothier in Nigeria, Bloomberg has reported. He acquired Ackermans, a clothing chain, in 1986. Using his own money, Shoprite's CEO Pieter Engelbrecht bought a large number of contracts for difference worth R20 million. Tesla CEO Elon Musk's net worth has reached $115 billion, making him the third-richest person in the world. Become a Supplier. 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