Woolworth’s, the country’s leading supermarket chain, might be humming
with great prospects built in, but that doesn’t stop a certain distaste
about the way the board has rewarded CEO Roger Corbett and continues to
reward him.

The
2005 Woolies annual report
shows that CEO Corbett’s salary more than doubled in the year to June from $4.14 million to $8.44
million.

The
retail giant is certainly doing well, but its earnings didn’t double in the year
and Roger committed the company to spend a couple of billion dollars on
expansion into liquor, hotels, gaming and into New
Zealand.

Roger’s
salary kicked up because of the new pay deal which was announced earlier
this month. Included in this was a $3 million long term incentive
payment for the year 2005. That was the big boost.

His
basic salary jumped to 2.33 million from $1.792 million in the year to June
2004. His short term incentive also rose from $2.298 million to $3.043 million.

His
salary will rise this year to $2.5 million, his short term incentive will total
$3.25 million if all the hurdles are met, and there will be another $3 million
payment. That
will push his total salary past the $8.75 million mark.

Corbett
will receive a $3 million retirement benefit, another long term payment of $3
million and then a further $3 million in “consulting payments” to
2011.

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Peter Fray
Peter Fray
Editor-in-chief of Crikey
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