Jurgen Schreiber, the departing chief executive officer of Edcon Holdings Ltd., was paid almost 70 percent more in the past financial year even as the South African retailer asked its bondholders to take losses.

Schreiber, 53, was paid a basic salary of R12.5 million for the year through March, plus a performance bonus of R7.5 million, according to the Johannesburg-based retailer’s annual report, published Tuesday. He also earned benefits of R80,000. A year earlier the CEO didn’t receive a bonus.

Schreiber was awarded the 2015 payout as “he met the targets set,” while failing to achieve performance goals in 2014, Edcon spokeswoman Debbie Millar said by phone.

Loss-making Edcon on Tuesday asked holders of the company’s 425 million euros ($475 million) of 2019 bonds to take a loss on their investment as the retailer seeks to shore up its finances. Edconhas another two Eurobonds, a dollar bond and a rand bond, all of which may also have to be restructured, resulting in further losses for its investors.

Schreiber, who was appointed in April 2011, is stepping down as CEO after Edcon said in May its retail-sales growth slowed to 2 percent in the 52 weeks ended March 28 from 5.1 percent a year earlier. Credit sales fell and the decline continues to delay “meaningful growth,” Edcon said at the time. Schreiber will become vice chairman of Edcon on Aug. 15 and CEO of Rexall Health, owned by Canada’s Katz Group Inc.