Pep store, a division of Pepkor Holdings. Picture: Pepkor website Pepkor Holdings’ chief operating officer (COO), Sean Cardinaal, who is based in London, United Kingdom, earned a total salary package exceeding R46 million, making him the group’s highest-paid executive. Pepkor was founded in Upington, Northern Cape, in 1965 by Renier van Rooyen, but it is today headquartered in Cape Town and led by Pieter Erasmus.
It is a holding company to PEP, Ackermans, Tekkie Town, Shoe City, Dunns, Incredible Connection, and HiFi Corp, among others. The group released the revised remuneration report for the financial year 2025 earlier this week, detailing how the head of operations can outearn the CEO. Usually, a CEO is the highest-paid individual in a company due to several factors, including qualifications, experience, and responsibilities.
The CEO stands as the face of pressure and power, trusted with steering a company through stormy seas of inflation, consumer hesitancy and relentless competition. But at Pepkor, its CEO earned more than R30 million for the period, R16 million less than its COO. Erasmus was appointed CEO in 2022, but had previously served as the group’s managing director.
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According to theremuneration report, he received a basic salary of R16.8 million, a decrease from the R18.8 million he earned in 2024. Erasmus also received benefits worth R242 000 and short-term incentives worth R13.3 million. Cardinaal was appointed COO in 2022.
Before this role, he served as the COO for Pepco Group in Europe. According to the report, he received a basic salary of R17.6 million, which is more or less the same as the previous year. Cardinaal received benefits worth R1 million and short-term incentives worth R12 million, including long-term incentives worth R16.2 million.
Pepkor said Cardinaal receives more than the CEO because he is based in London and his package includes different benefits. “Due to the COO being a non-South African resident, the company contributions and benefits amount includes expatriate allowances as part of his employment agreement,” said the group. “This amount includes taxable benefits such as, inter alia, travel expenses.”
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