Woolies CEO's earns $4.2m

Woolworths chief executive Grant O'Brien's has doubled his income after taking the top job at the supermarket giant.

Mr O'Brien's renumeration at Woolworths was $4.244 million for the 12 months to June 24, 2012, which included $473,876 in shares, up from $2.044 million the previous year.

Woolworths said in its annual report that the average remuneration increase for its executives, excluding Mr O'Brien, who were in their positions for the full 2011/12 financial year was 3.6 per cent.

"The percentage also excludes the chief executive who received a performance and market related adjustment off a low base for his initial appointment," Woolworths said.

Mr O'Brien started in the role of chief executive officer on October 1, 2011, but on the announcement of his appointment in April of that year was appointed deputy chief executive officer.

Before that, he was the chief operating officer of Woolworth's Australian food and petrol division.

His remuneration for the 2011/12 financial year therefore consisted of three months as deputy chief executive and nine months as chief executive.

While his pay increased in 2012, it was still less than the previous chief executive Michael Luscombe a total remuneration package of $5.73 million for the 2010/11 financial year.

Mr Luscombe's total remuneration for the 2009/10 financial year was $8.33 million, including a $2.21 million base salary and $2.5 million cash bonus.

QUOTES

 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.