Brandfather
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In this week’s episode of The Brandfather, Jeremy Sampson MD of Brand Finance Africa, rails against corporate avarice in the face of massive shareholder value destruction. Avery says he likes CEO Ian Moir, always found him approachable, but he made possible the worst ever foreign acquisition in this country’s business history with David Jones, sinking the woollies share into the proverbial locker along with it. Investors have suffered. Woolworths’ share price, which hit R108 in November 2015, is now R33.66 — value destruction exceeding R60bn. But investors were outraged last week when Woolworths revealed it would pay Moir R43m this year, and he stands to get another R34.3m as a "restraint of trade" payment in 2023. That means, as he’s leaving, he stands to get R77m. And this after earning R191m in the five years before that. Now where are the shareholders holding the remco to account here?
