News: Australia's Woolworths reports first annual loss on hardware exit, page-79

Plus the 40-45m he received whilst at WOW. O'Brien's legacy is Masters debacle along with several other woeful decisions. Incredible how WOW kept him on the books so he could sit it out and receive full payout.

from today's Oz:

Woolworths silent on Grant O’Brien payout


Former Woolworths boss Grant O’Brien.

• The Australian
• 12:35PM September 12, 2016
• Save
• • Share on Facebook
  • Share on Twitter
  • Share on email
  • Share more...
• 1
• JOHN DURIE
  
  Senior writer/columnist
  Melbourne
  @John_Durie
  

Woolworths has not declared the cost of any payout to former boss Grant O’Brien, with the company’s annual report released late last week silent on the issue.
The report noted Mr O’Brien formally finished work at the company on August 1, which meant he had reached the age of 55, entitling him to participate in the company’s defined benefit scheme.
No executives were paid any short-term bonuses last year, although company secretary Richard Dammery received non-monetary benefits totalling $469,967 to bring his final pay to $1.6 million.
Woolworths chief executive Brad Banducci was paid $2.3 million, reflected in part by the fact he only served in the top job for part of the year and his fixed pay has since gone to $2.5 million.
The old defined benefits scheme is rumoured to pay benefits based on five times final fixed salary, which for Mr O’Brien was $2.2 million, making the payout around $11 million. The company is declining to comment, saying it is a private matter for Mr O’Brien.
The level of his superannuation is of course in part determined by any personal contributions, which is a private matter, but company contributions are a matter of shareholders.
This year, by way of example, the company said superannuation benefits cost shareholders $446,000, up from $435,000 the prior year.
It also noted there was a further sum of $444,758 in long service and other benefits paid to Mr O’Brien, effective August 1, which was outside the cut-off date for the annual report and was not included.

http://www.theaustralian.com.au/bus...t/news-story/4b5cc11aaf32ea57396a79723793adce