Sam Ngumeni, South African retail leader and Group CEO of Woolworths Holdings, received total compensation of R23.06 million ($1.38 million) for the 2026 financial year.

Ngumeni took over as group CEO of South African retail giant Woolworths Holdings on June 1, 2026, after leading Woolworths South Africa Food. His remuneration included a R11.07 million ($664, 249) base salary, R7.11 million ($426,350) short-term incentive and R4.31 million ($258,650) long-term incentive.

Retailer reports higher sales

Founded in 1931 and headquartered in Cape Town, Woolworths operates food, fashion and lifestyle businesses across South Africa and parts of sub-Saharan Africa, as well as Australia and New Zealand. The group comprises Woolworths South Africa and Country Road Group and has been listed on the Johannesburg Stock Exchange since 1997.

For the year ended June 28, 2026, group turnover and concession sales increased 4.3% to R84.5 billion ($5.08 billion), from R80.99 billion ($4.87 billion). Growth reached 4.8% on a constant-currency basis, with every business segment reporting positive sales growth for the full year.

Revenue rose about 4% to R83.47 billion ($5 billion), from R80.24 billion($4.81 billion). Woolworths South Africa Food was a key contributor, posting 5.7% growth in turnover and concession sales, supported by online and on-demand services such as Woolies Dash.

Profit faces pressure

Despite stronger sales, reported profit fell to R2.33 billion ($139.8 million), from R2.45 billion ($147 million) a year earlier. The decline highlights the pressure facing Woolworths as higher revenue failed to translate into corresponding profit growth during the financial year.

Adjusted EBITDA increased 2.8% to R8.9 billion, while total assets stood at R39.43 billion ($2.36 billion), compared with R40.85 billion ($2.45 billion) previously. Woolworths declared total dividends of R1.9 billion ($114.15 million), maintaining significant capital returns to shareholders despite lower reported profit.

Long-term reward plan

Ngumeni has spent almost three decades at Woolworths and has served as an executive director of the group since 2014. Before becoming group CEO, he held several senior positions, including group chief operating officer, group director for human resources and transformation, and CEO of Woolworths Financial Services.

He also led the Food business from July 1, 2025, through May 30, 2026. Ngumeni serves on several Woolworths committees and boards, including the risk, information and technology, social and ethics, and sustainability committees. He is also chairman of the Woolworths Financial Services board.

Beyond his annual remuneration, Ngumeni received a once-off outperformance share award valued at R51 million (3.06 million), reflecting the long-term expectations attached to his appointment. The award consists of 995,715 Woolworths shares purchased by the company’s share trust and placed in escrow through 2031.

The award will vest subject to performance conditions, with 50% tied to Woolworths’ share price reaching R100 ($6) by June 2031. The structure gives Ngumeni a significant long-term stake in the retailer while aligning part of his potential reward with shareholder returns.