Wesfarmers boss Richard Goyder is going out on a high, taking home a record $12 million pay packet for his final full year at the helm of the retail conglomerate.
Subscribe now for unlimited access.
$0/
(min cost $0)
or signup to continue reading
The bumper pay packet brings the AFL commission chairman's total remuneration since his appointment as Wesfarmer's managing director in 2005 to just under $100 million, when adjusted for inflation.
Wesfarmers, which owns Coles, Bunnings, Kmart and Officeworks, last month reported that its full-year profit jumped 27 per cent to $2.87 billion.
The company's annual report released on Wednesday shows Mr Goyder's pay more than doubled in 2017 to $12.09 million, up from $5.5 million in 2016 when his bonus was docked for missing profit targets.
His 2017 package consists of a $3.3 million salary, a $4 million annual bonus, and $4.3 million worth of long-term and short-term incentive share payments.
Mr Goyder received 97 per cent of the total bonuses available to him after he met or exceeded financial and strategic goals.
Wesfarmers has paid Mr Goyder $90 million since 2005, its annual reports show, which when adjusted for inflation totals $99.66 million in 2017 money.
Mr Goyder was paid a relatively meagre $3.27 million in his first year as CEO, but his base pay and bonuses have taken off since the bold decision in 2007 to buy the Coles supermarket chain. His annual remuneration averaged at more than $9 million over the past five years.
Wesfarmers' market capitalisation has tripled - from $14.7 billion to $45 billion - during Mr Goyder's tenure, and it has payed out $20 billion in dividends to shareholders.
Rob Scott, the deputy CEO and head of Wesfarmer's industrials unit who will take over the top job when Mr Goyder steps down in November, saw his pay jump from $1.9 million in 2016 to $5.6 million.
Mr Goyder was appointed AFL commissioner in February, has joined Woodside Petroleum's board and is set to be voted onto the board of Qantas next month.
Coles' managing director John Durkan failed his financial performance test after the supermarket chain's earnings fell for the first time in a decade.
Mr Durkan lost his short-term cash bonus but still received about a third of the annual incentives available to him, worth $1.87 million.
His total remuneration was $5.6 million - almost $400,000 more than last year - including a $2.1 million cash salary, plus shares and other benefits.
Like their boss, Coles managers were also docked of their short term bonuses last month after the supermarket's disappointing performance.
The grocer last week agreed on a new draft employee pay deal, as it waits to see if the Fair Work Commission rips up its existing agreement over accusations it leaves workers out of pocket by paying below-award rates.
Wesfarmers' finance chief Terry Bowen's pay jumped from $3.5 millon to $6.6 million, while Kmart and Target chief executive Guy Russo's pay jumped by half to $6 million.
