shoprite ceo net worth

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. All Rights Reserved. Africa has been called dark and hopeless, but today it is neither of these. He had not gotten a basic pay increment from 2013 and had no one-time payments at least for five fiscal years. Pieter C Engelbrecht is CEO/Executive Director at Shoprite Holdings Ltd. See Pieter C Engelbrecht's compensation, career history, education, & memberships. 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. web search. Asked December 16, 2016. 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. Skip to Navigation; Skip to Content; Skip to footer; Sign in. Using his own money, Shoprite's CEO Pieter Engelbrecht bought a large number of contracts for difference worth R20 million. “I believe I am good for another five to seven years,” he said last year during an interview with South Africa's Moneyweb. Needless to say, it thrived- just like all the other previous stores across the continent. Now I travel across Africa, helping FORBES track the richest people on the continent and telling their stories. Shoprite: Organization: Shoprite: Title: CEO: Term: 1971 to 2016: Successor: P.C. © 2021 Forbes Media LLC. Generally speaking, the bigger the hexagon is, the more valuable ShopRite (United States) networth should be on the internet! In addition to retail, the mogul has been involved with several other companies and sits on numerous corporate boards. 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. 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. 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). 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. Wiese has been the engineer of all this growth, and has reaped some handsome financial dividends in the long run. Asked December 16, 2016. 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. 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. Global Trade Solution. Wiese has seen his own fair share of troubles, too. The Supermarkets Non-RSA consists of retail operations under the Shoprite, Checkers, Checkers Hyper, Usave, and Hungry Lion brands outside of South Africa. January 2021 FGN Bond records oversubscription of N88.3 billion. Gradually, Whitey Basson 2010 earnings … Mika Miyazato Net Worth. 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. Follow me on Twitter @MfonobongNsehe, © 2021 Forbes Media LLC. This translates to about N25.6 billion using the official exchange rate. 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. 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. Shoprite Holdings Ltd. engages in the management of retail stores. He acquired Ackermans, a clothing chain, in 1986. Earnings: R50 million The Managing Director and Chief Executive of Shoprite Holdings Ltd, James Wellwood Basson also known as Whitey has obviously … 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. Share this article: Share Tweet Share Share Share Email Share. Answer See 8 answers. 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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. The company was founded in 1979 and is headquartered in Brackenfell, South Africa. 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. Shoprite CEO's pay up by 4.5% to top R21.27m News He had not gotten a basic pay increment from 2013 and had no one-time payments at least for five fiscal years. Adrian Gore (CEO of Discovery) Adrian Gore has a fixed Salary of R6.59m with a total of R19m. 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. Shoprite CEO scoops R50m performance bonus. under the OK Furniture and OK Power Express stores. Engelbrecht will coin it if the retailer's share price moves higher. I also chronicle the stories of successful African enterprises and the entrepreneurs behind them. German shepherd yorkie mix full grown Our Directors. 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. Opinions expressed by Forbes Contributors are their own. Tesla CEO Elon Musk's net worth has reached $115 billion, making him the third-richest person in the world. Of course, Wiese went ahead and launched a Pepkor store in the southern African country. The Supermarkets RSA segment includes retail operations under the Shoprite, Checkers, Checkers Hyper, and Liquor Shop stores in South Africa. Answered January 13, 2019. 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. His combined interests in Pepkor and Shoprite- the continent’s largest retailer are currently worth $2.4 billion. INDEPENDENT NON-EXECUTIVE DIRECTORS. Become a Supplier. ShopRite Supermarkets is a retailers’ cooperative (co-op) chain of supermarkets with stores in New Jersey, New York, Connecticut, Delaware, Maryland, and Pennsylvania. (Photo: Halden Krog / Bloomberg via Getty Images) One of the few constants in life is change — except at Shoprite, it would seem. This is also an equivalent of $67.7 million. In 1991 Pepkor made four additional acquisitions. All Rights Reserved. Debt Securities 1 hour ago. The collapse of the Steinhoff share price was a significant blow, pushing him down the ranks of the world’s wealthiest. Christoffel Wiese is also a CEO but a Non-Executive one. Careers; Contact Us. Contact Us. The Del Monte representative suggested the grocers try cooperative buying. You may opt-out by. While the CEO of 37 years is long departed, the chair, Christo Wiese, is clinging to the position. The board appointed Pieter Engelbrecht (born c. 1970), the former Chief Operating Officer, as the incoming CEO as of 1 January 2017. 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. 6. 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. Saker ShopRites is one of the highest average volume per store supermarket chains in the country, employing nearly 9,000 associates. Bruce Whitfield interviews the remarkable Wiese (net worth R100 billion!) He is widely acknowledged as one of the richest men in Africa today. There are 29 African billionaires this year, up from 20 just a year ago. Supply Chain Management. Business aside, Wiese has been one of Africa’s most vocal economic optimists. The group has some 2,800 stores and employs almost 28,000 people. Streaming issues? msn news. 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. 7. It’s a huge market of almost a billion people with huge resources and a young population. Use Forbes logos and quotes in your marketing. Christo Wiese is the brain behind Shoprite, Africa’s most storied retail chain. He is widely acknowledged as one of the richest men in Africa today. With Wiese at the helm, the company made some audacious acquisitions. But in the initial stage of this position, Engelbrecht has lost a lot of … ... United Capital Plc CEO purchases additional 1.5 million shares worth N8.03 million. Shoprite Holdings Limited, an investment company that engages in the food retailing business. 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. He assumed the role on 1 January 2017, bringing with him extensive operational and management experience gained over 20 years with the Group. 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. Dr Anna Mokgokong (63) Johan Basson (69) Alice le Roux (46) Joseph Rock (51) × NON … 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. I previously worked as a reporter for Business Daily, Kenya's largest business newspaper. It operates through the following segments: Supermarkets RSA, Supermarkets Non-RSA, Furniture, and Other. Sources: Factset, Bloomberg, S&P Cap IQ; Forbes. 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.”. 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. 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. Contact Us. 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. Shoprite's intention to divest from its Nigerian operations appears to be anchored on these factors. The Shoprite CEO Basson had a basic salary totaling to R49.6m in 2016. 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). Supplier Portal. If you were in charge, what would you do to make Shoprite Store a better place to work? 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