Money for nothing ... Tasracing’s $50,000 payout

RACING Minister Jeremy Rockliff has backed Tasracing’s decision to pay its departing interim CEO more than $50,000 to leave rather than working through his notice period.

But Government Business Enterprise hearings in Hobart heard Tasracing has reviewed and changed contracts for senior executives after the payout — cutting the notice period from four months to one.

Chief financial officer Mark Tarring worked with Tasracing for two years, moving into the acting CEO’s role when Eliot Forbes resigned last year. Mr Tarring was offered the job of Tasracing CEO, on a conditional basis.

“Those conditions included the payment of a salary which Tasracing was unable to accommodate,” Tasracing Chairman Dean Cooper told yesterday’s hearing.

When he quit late last year, Mr Tarring was paid $24,830 in accrued leave and $55,233 in lieu of the four-months notice period required under his contract.

Board chairman Dean Cooper said Tasracing contracts had been revisited since the payout.

“My understanding is that there was a review across the board of contracts to determine appropriate notice periods.”

Racing Minister Jeremy Rockliff backed the board’s decision to give Mr Tarring the payout rather than require him to work out his notice period.

“The decision was made and I support the decision,” Mr Rockliff said.