Bunnings fiasco costs bonuses

FORMER Wesfarmers chief Richard Goyder has been stripped of all his bonus payments for the final year he ran the conglomerate because of its Bunnings UK fiasco.

Wesfarmers, which in May pulled the plug on its attempt to take Bunnings into Britain and Ireland, has stripped $17 million in long-term bonus payments from current former senior executives.

Mr Goyder, who now chairs the AFL Commission, was leading Wesfarmers when it launched its assault on the UK home improvement market.

He has lost out on all short and long-term incentives for the year to June.

Former chief financial officer Terry Bowen was also stripped of all incentives. and

The details were contained in Wesfarmers’ annual report.

Wesfarmers torched $1.9 billion in shareholder value trying to recreate the Bunnings model in Britain.

Mr Goyder collected $2.79 million for the five months he was at Wesfarmers during the financial year to June. That was down from $12.1 million the previous year, which included $8.27 million in share payments.