Top South African CEO gets his pay cut by R72,000 a day for poor performance

• The CEO of The Foschini Group, Anthony Thunström, had his annual remuneration cut by R26.27 million, or R72,054 per day, due to poor performance.
• The decline in Thunström's pay was largely due to the removal of his performance-based incentives, which accounted for R27.15 million of his previous year's remuneration, after TFG's financial performance deteriorated significantly.
• The pay cut is likely to have significant implications for Thunström's future compensation, and may set a precedent for other executives in the company, as TFG seeks to improve its financial performance and restore profitability.