Retail pay day: CEOs take a cut, but still bring home millions
Woolworths boss Grant O'Brien earned $5.7 million last financial year, just over half as much as his rival at Coles. Mr O'Brien was paid about $4.05 million in cash in the 2013 financial year, with the remainder of his remuneration coming in shares and other benefits. His total pay was up from $4.2 million the previous year.
Coles chief executive Ian McLeod's pay packet fell, but he still earned almost $11 million. Mr MacLeod's total remuneration in financial 2013 of $10.7 million was down by more than $4 million from the previous year. Elsewhere in retail, Harvey Norman chairman Gerry Harvey's pay remained steady at $1.03 million as the company's profit dropped 17.5 per cent.