Outgoing Italtile CEO Lance Foxcroft receives $1.2 million salary in 2025

South African executive and outgoing chief executive of Italtile Limited Lance Foxcroft received total compensation of R20.3 million ($1.25 million) for the 2025 financial year, reflecting a modest increase in pay as the group navigated a subdued retail environment. 

The package compares with R18.53 million ($1.14 million) a year earlier, an increase of 9.6%, even as the tile and bathroomware giant operated under pressure from weak consumer demand and softer residential construction activity. 

Foxcroft’s remuneration included a base salary of R4.69 million ($289,700), a short-term incentive of R3.23 million ($199,597), and a long-term incentive valued at R10.33 million ($637,761), largely tied to performance conditions and tenure-related awards.

Mixed trading backdrop 

For the six months ended Dec. 31, 2025, Italtile reported systemwide turnover of R6.1 billion ($376.2 million), broadly unchanged from a year earlier. The stability masked underlying pressure in the business, as cautious household spending continued to weigh on demand for home improvement products. 

Trading profit fell 14% to R1 billion ($61.67 million), while headline earnings per share also declined 14%, reflecting margin compression across retail and manufacturing operations. 

The company said pricing competition and softer volumes continued to affect performance across key divisions. 

CTM, the group’s largest retail brand, recorded a 3% decline in sales volumes, as oversupply in the market and aggressive discounting weighed on pricing power. 

TopT, another retail division, faced continued pressure from independent retailers offering lower-cost alternatives, limiting its ability to grow market share. 

Manufacturing utilisation under strain

On the manufacturing side, Ceramic Industries operated at 77% capacity utilization, reflecting weaker regional demand and lower export volumes, partly linked to trade barriers in parts of Southern Africa. 

The group’s manufacturing network includes seven factories in South Africa and one in Australia under Ceramic Industries, as well as Ezee Tile, which operates across South Africa and other African markets. Combined, the operations have installed capacity to produce 52 million square meters of tiles and two million sanitaryware units annually.

Italtile expands retail footprint across Africa

Founded in 1969 by Giovanni Ravazzotti, Italtile Limited has grown into a major supplier in South Africa’s home improvement and construction market. Italtile operates through more than 210 stores across South Africa and other African markets, supported by 26 franchise partners and a workforce of 3,283 employees, including franchise staff. 

Foxcroft, who joined Ceramic Industries in 2003, has spent more than two decades within the broader group. He became chief executive of Ceramic in 2014, later serving as CEO-designate of Italtile in July 2021 before formally taking over as group CEO in January 2022. 

He was appointed to the Italtile board in 2022, overseeing a period marked by cautious expansion and cost control across the group’s retail and manufacturing operations. 

Foxcroft to step down as CEO in June

Under his leadership, the company’s property portfolio grew to more than R3.9 billion ($240.54 million). The group also expanded its use of renewable energy, generating 8,906 MWh of solar power during the period as part of efforts to reduce electricity costs and emissions. 

Foxcroft is set to step down as group CEO in June after a four-year tenure. He will return to lead Ceramic Industries from July 1, a role he previously held for eight years. 

The move comes as the group intended to strengthen Ceramic Industries as it continues to operate in a highly competitive environment.

Despite near-term challenges, Italtile remains a significant player in South Africa’s home improvement sector, with a vertically integrated model spanning manufacturing, retail, and distribution.