Retail pay day: CEOs take a cut, but still bring home millions

Grant O'Brien's total pay in the 2013 financial year was $5.7 million. About $4.05 million of that was paid in cash, with the remainder delivered as shares and other benefits. His overall remuneration was up from $4.2 million the previous year.

Ian McLeod's total remuneration for the 2013 financial year was $10.7 million. Although his pay packet fell from the prior year, it still amounted to almost $11 million and was down by more than $4 million compared with the previous year.

In 2013 the Coles CEO earned significantly more than the Woolworths CEO. Coles' Ian McLeod received about $10.7 million, while Woolworths' Grant O'Brien received $5.7 million — O'Brien's pay was just over half of his Coles counterpart's.

Approximately $4.05 million of Grant O'Brien's $5.7 million package in FY2013 was cash. The remainder of his remuneration came in the form of shares and other benefits.

According to the figures in the article, Woolworths CEO Grant O'Brien's total pay increased from $4.2 million the previous year to $5.7 million in FY2013. By contrast, Coles CEO Ian McLeod's pay fell by more than $4 million to $10.7 million in FY2013.

Gerry Harvey's pay remained steady at $1.03 million in the period reported, while Harvey Norman's profit fell by 17.5 percent, according to the article.

The article highlights Woolworths boss Grant O'Brien, Coles chief executive Ian McLeod, and Harvey Norman chairman Gerry Harvey. Their remuneration is reported to show how pay packets for senior retail executives compared in the 2013 financial year.

The remuneration figures cited in the article refer to the financial 2013 year (FY2013).