It was in The Sydney Morning Herald, so it must be right. This item from the paper’s CBD column today :

It’s not just anyone who knocks Myer boss Dawn Robertson from her usual position as the nation’s most overpaid executive.

But
Fred Hilmer is not just anyone. The McKinsey consultant turned
newspaper boss received a $4.5 million golden goodbye from Fairfax.
Chairman Ron “Trump” Walker last month defended the payout at an annual
meeting where the lights failed. “He wanted to leave 18 months ago but
he stayed,” Ron said. “He took no bonuses during that time and worked
diligently for shareholders.” Nobody would have been more appreciative
than James Packer and John Hartigan and their online interests.

Fairfax was going to spend up on Fred’s farewell party but settled for a sandwich in the boardroom instead.

Bet columnist James Chessellwouldn’t have written that while Fred was paying his meagre wage.