Colruyt: the boss’s basic salary now amounts to nearly 700,000 euros

Over the year as a whole, the CEO of Colruyt has already received 1,458,331 euros.

Jef Colruyt, CEO of Colruyt, received a raise like the other managers in the distribution group last year. This is what emerges from the annual report the company released on Friday.

His annual base salary increased last April, at the start of a new financial year, by 5.4% to reach 693,588 euros. This includes indexation (0.8%) and an individual increase. Thanks to the good financial performance of the previous year, the Colruyt manager also received a higher variable bonus.

Over the entire financial year which took place until the end of March 2021, the CEO therefore received a total – base salary and bonuses added – of 1,458,331 euros. This is almost 6.2% more than the previous year.

The group’s annual report states that other board members have also received a salary increase “when necessary”. This decision was made following a market comparison in which salaries at Colruyt were compared to those of a number of other comparable companies.

During the past financial year, Colruyt paid € 3.4 million in base compensation and € 2 million in bonuses to the entire Board of Directors, with the exception of the CEO. During the previous financial year, these amounts were respectively 3 and 1.9 million euros.

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