Woolies boss takes pay cut

Woolworths boss Grant O’Brien’s annual pay has fallen by almost a third to $3.8 million as the retailer suffers from its battle with rival Coles and struggles to revive Big W.

Mr O’Brien’s base salary of $2.4 million in the 2014/15 financial year was unchanged from the previous year, but potential bonuses of $2.3 million were not granted.

CEOs on how to star in your next interview 
Australia’s CEOs earn more than they admit

That was due to the company’s 12.5 per cent fall in annual profit to $2.15 billion, well short of his performance targets.

Woolworths, which also owns liquor business Dan Murphy’s and hardware chain Masters, suffered from a fall in supermarket sales, while Big W was still a drag on revenue despite big spending on its transformation.

The retailer has also made major changes to its executive team, most recently with the departure of chairman Ralph Waters as a direct consequence of the company’s disappointing performance.

Mr O’Brien, who in June announced he would leave Woolworths once a replacement could be found, also received $1.4 million in shares in 2014/15, which were awarded as deferred bonuses in previous years.

His annual pay was down from $5.3 million in 2013/14, when he enjoyed a cash bonus of just over $2 million.

New chairman Gordon Cairns wrote in the company’s annual report to shareholders that a range of internal and external CEO candidates have been identified.


Topics: Woolworths
Stay informed, daily
A FREE subscription to The New Daily arrives every morning and evening.
The New Daily is a trusted source of national news and information and is provided free for all Australians. Read our editorial charter.
Copyright © 2024 The New Daily.
All rights reserved.