Foschini group CEO gets R26m less, while employees receive 2% and 5% increases

TFG’s CEO and CFO received no bonuses and increases due to the group’s performance. Picture: Gallo Images/Jacques Stander. After a challenging year, The Foschini Group (TFG) has withheld salary increases for its executives in the 2026 financial year, while prioritising wage increases for ordinary employees.

The group owns several retail brands, including Foschini, Markham, and Sportscene. The company operates a large portfolio of clothing, homeware, and lifestyle stores across Africa, the United Kingdom, and Australia. Group CEO Anthony Thunström, who has held the position since 2018, acknowledged on Thursday that the period was challenging across all three geographies, and that conditions deteriorated sharply.

“Internationally, trading conditions were extremely challenging, while in Africa the market saw almost no growth in three separate months – something we have rarely experienced before,” he said. According to the group’sremuneration report, executives’ pay cheques were the first to be hit. Thunström received a total remuneration of R18.4 million for 2026, R26.3 million less than the R44.7 million he received in 2025.

[paywall]

Group CFO Ralph Buddle also received less remuneration in 2026. The decreases were due to the group’s sluggish performance. “In the context of the Company’s below-expected financial performance and significant relative share price decline versus the sector, Remco initiated a discussion with the CEO and CFO,” said the retailer.

“Following this engagement, it was agreed that the CEO and CFO would forgo any incentive relating to FY 2026. This outcome is considered appropriate given the performance delivered and aligns with the expectations of shareholders.” Thunström’s 2026 remuneration package includes a guaranteed salary of R16.8 million and benefits worth R481 000. While his total remuneration package decreased, his guaranteed pay (salary and benefits) increased from 2025.

Buddle received a remuneration package of R8.4 million, a R9.7 million decrease from the R18.1 million he earned in 2025. However, his guaranteed pay for 2026 was slightly higher than in 2025 (R7.9 million). Like the CEO, Buddle received no bonuses. After cutting bonuses, the remuneration committee also decided the executive will not receive any increases.

[/paywall]