Boss exits with $12.1m smile
CEO picks up $1380 an hour in final year
Outgoing Wesfarmers chief Richard Goyder has picked up more than $12 million in pay and perks in his final year heading the nation’s biggest employer.
OUTGOING Wesfarmers chief Richard Goyder has picked up more than $12 million in pay and perks – about $1380 every hour – in his final year heading the nation’s biggest employer.
He is also in the running to pick up almost 248,000 shares, worth $10.2 million at the current price, if the retail and industrials conglomerate hits its long-term performance tar- gets in coming years. Wesfarmers disclosed the pay details yesterday as mining titan BHP revealed the remuneration of its chief executive, Andrew Mackenzie, had surged 20 per cent to $8.8 million ($US7.1 million) for the past year.
That haul was up from the $US5.9 million Mr Mackenzie pocketed a year earlier when he gave up all his short-term incentive payments following the collapse of a dam at a mining site in Brazil that killed 19 people. Details of the pay packages are contained in the companies’ annual reports.
They include the value of share options that are granted as incentives but may not vest if certain long-term targets are not hit. BHP said Mr Mackenzie’s actual remuneration was $US4.6 million for the year to June, up from $US2.2 million the previous year. Newly-appointed BHP chairman Ken MacKenzie will earn annual fees of $US880,000 – about 8 per cent lower than that received by his predecessor Jac Nasser. Mr Goyder’s remuneration package more than doubled to $12.1 million for the year to June, up from $5.5 million in the prior year.
His latest package included a $4 million cash bonus and $4.2 million in long-term share payments. The payday means Mr Goyder earned $1380 for every hour of the 2017 financial year. Average full-time weekly earnings in Australia stand at $1543.
Mr Goyder, who has spent 24 years at Wesfarmers, has emerged as its 39th biggest shareholder with 776,150 shares worth $32 million. He will hand over the reins to Rob Scott at the company’s annual meeting in November.
Mr Scott will start on a base pay of $2 million, well below the $3.3 million Mr Goyder was on. BHP’s annual report also reveals the sum at the centre of its dispute with the Australian Taxation Office now stands at $1.1 billion.