|
Wesfarmers managing director Michael Chaney has pocketed an annual pay
cheque of almost $8million, making him one of the highest-paid executives in
Australia's corporate history.
Already WA's highest-paid managing director after taking home just over
$3million last year, Mr Chaney's 2001-02 remuneration includes $6.72million as a
vested portion of performance-based long-term incentive payments.
The majority of those who have collected more, including ousted AMP chief
George Trumbull and former NAB executive Doug Ebert, received inflated payments
as a result of handsome termination payouts.
Mr Chaney has had his 10-year contract extended until July 2005.
In the past year Wesfarmers, WA's biggest company, has had annual profits
soar 65 per cent to a record $414million with the share price rocketing to a
high of $33 earlier this year.
The $9.7billion hardware, rural and energy group has also become one of
Australia's biggest companies following the $2.2billion takeover of Sydney
hardware group Howard Smith in August last year.
Mr Chaney's annual salary the details of which were included in the
company's annual report released yesterday exceeds the almost $7million paid to
Commonwealth Bank chief David Murray, but is below the $11million Westfield
Holding's Frank Lowy has collected, the bulk of which he will reportedly donate
to charity.
Former BHP Billiton chief executive Paul Anderson's standard remuneration
package for 2002 was $9million, but he earned a further $9.37million in
termination benefits after resigning from the top job on July 1.
The US businessman declared last month he was overpaid ``relative to what any
human being should be paid" while chief executive of the mining company.
Mr Murray's salary pack-age came in a year the bank announced plans to scrap
1000 jobs.
Mr Chaney, who has been managing director of Wesfarmers since 1992 and is
also a non-executive director of BHP Billiton, yesterday refused to comment on
his remuneration, as the debate over executive salaries intensified.
He could get even more depending on the company's financial and operational
performance.
Wesfarmers chairman Harry Perkins said yesterday that Mr Chaney's pay was
directly linked to returns to shareholders. His annual pay comes on top of his
interest in $11million worth of Wesfarmers shares.
Wesfarmers shares closed up $1.03 at $27.18.
|
Print Entire Page
