New Wesfarmers MD to be paid $3m less than current MD
Rob Scott, Wesfarmers new Managing Director
Wesfarmers new Managing Director, Rob Scott, will be paid far less than current Managing Director, Richard Goyder.
Wesfarmers is the parent company of Coles supermarket.
Scott, who takes on the MD role in November 2017 will have a fixed annual salary of AUD $2.5 million and the potential to earn up to AUD $7.5 million if performance targets are met.
Goyder currently earns AUD $3.5 million annually and can take home a total of AUD $10.5 million if targets are met.
Wesfarmers Chairman, Michael Chaney, said the Wesfarmers Board, was “comfortable the Group’s remuneration outcomes, particularly for its senior executives, over recent years have been reflective of Wesfarmers’ performance.”
“However we recognise changes in the market that have seen downward pressure on fixed pay levels for CEOs and reductions in overall reward opportunities,” Chaney said.
“The Board and Mr Scott have discussed and recognised the expectations of Wesfarmers’ many stakeholders regarding the remuneration levels of senior executives and believe that this package and those of other senior executives in the Group are appropriate and in line with contemporary market practice of peers,” he said.
More leadership changes for Wesfarmers
Wesfarmers today announced three new senior executive appointments with Anthony Gianotti set to become the new Wesfarmers Chief Financial Officer as of 1 July 2017.
He will replace Terry Bowen who has been in the role for nearly nine years.
Gianotti is currently Deputy Managing Director and Finance Director of Wesfarmers Industrial Division.
David Baxby will also replace Rob Scott as Managing Director of Wesfarmers Industrials. Baxby is a former CEO of Global Blue, an international shopping transaction processing business.
The last executive change announced was Michael Schneider who will become Managing Director of the Bunnings Group. Schneider was previously Managing Director of Bunnings Australia New Zealand, but will now also oversee the Managing Director of Bunnings United Kingdom and Ireland.
Schneider replaces John Gillam who stepped down from the role in December 2016.
- Low pricing hits Coles bottom line
- Coles market growth slows in September2017 quarter
- Wesfarmers2016 profit drop but Coles remains strong