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Wesfarmers executives given termination payments of nearly AUS$1million each

Wesfarmers Goyder & Scott

The Wesfarmers annual report has revealed that former CEO Richard Goyder and former CFO Terry Bowen received significant termination payments from the business, a matter of months before it divested the Homebase business.

Figures taken from the report show that Mr Goyder received AUS $968,720 (c. £530k) and Mr Bowen received AUS $950,196 (c. £520k), with the payments being described as: "Payments made on termination to R J B Goyder and T J Bowen, principally in relation to contractual notice period and in support of a restraint."

Wesfarmers described the Homebase purchase as 'a disappointing investment' but added that the sale has 'freed Wesfarmers of operating losses and future capital and lease obligations, and has strengthened the Group’s financial position'.

Mr Goyder left the business in November 2017 after 12 years at the helm and was succeeded by new CEO Rob Scott.  Mr Bowen resigned as Group CFO at the same time after more than 20 years with Wesfarmers.

Source : Insight DIY Team

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17 September 2018

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