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Wesfarmers CEO takes pay cut

Bunnings store and hammer 725 x 500

The CEO of Wesfarmers - Richard Goydon - has taken a notable pay cut, with the value of his short-term incentive payments having reduced by half compared to last year.

The Wesfarmers annual report for 2015-16 showed that Goyder's base salary was $3,348m AUS - little changed from the previous year - but his incentive payments had dropped to $1.05m AUS, compared with $2.1m AUS.

Overall, his renumeration package has dropped to $5.5m, compared with $9.9m in 2014-15.

The reductions come as a result of an 83.3% decline in profits at Wesfarmers, which has diversified interests in the mining, industrial and chemical sectors, but predominantly operates within the retailing sector.  The conglomerate owns retail brands Bunnings, Coles, K-Mart, Target and Officeworks in Australia and New Zealand.

Learn more about Wesfarmers' agreement to acquire Homebase.

Earlier this week, Wesfarmers confirmed it has reversed Homebase's decision to close a store in Omagh.  

Source :  Insight DIY

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22 September 2016

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