Kogan co-founder has half a million reasons to celebrate
ONLINE retailer Kogan paid chief executive and co-founder Ruslan Kogan more than $500,000 and a bumper bonus the past financial year.
Mr Kogan received a total pay packet of $542,340 for the year to June, compared with $470,615 the previous year, company accounts show.
He received a short-term performance bonus of $87,068, up from $64,498 the previous year, based on various performance metrics.
It comes after Kogan, which offers electronics as well as mobile, internet and insurance services, lifted its full-year dividend as it unveiled a net profit of $14.1 million.
That tally was up 110.4 per cent from a pro forma result of $6.7 million the previous year, when one-off costs related to the retailer’s initial public offering had a $3 million impact.
Mr Kogan’s fixed salary climbed from $350,000 to $385,000.
Co-founder David Shafer, the company’s chief financial officer, received a total remuneration of $467,865, compared with $406,052 the previous year, helped by a $30,000 increase to his base
salary. Mr Shafer received a short-term bonus of $74,663, up from $55,308 last year.
The pair have also profited in recent months from the partial selldown of their big personal stakes in the company.
In June, they announced there were “reluctantly” selling $42 million worth of shares, before selling another $40 million worth earlier this month.
The company said its number of “active” customers grew 45.3 per cent the past financial year, and it had nearly 1.4 million customers at June 30.
“We are excited about the growth opportunities ahead of us,” Mr Kogan said in the group’s annual report, released yesterday.
Mr Kogan said the company expected to launch new verticals over the year ahead, following a new partnership deal with Vodafone New Zealand, allowing it offer telecommunications services in New Zealand.
“We also recently announced a new brand, Kogan Money, which will offer a suite of financial products,” he said.
“Kogan Money will focus on simplifying financial services for all Australians and making them more affordable through digital efficiency.”