Nobody did more damage to Woolworth than this Einstein, yet they...

Nobody did more damage to Woolworth than this Einstein, yet they keep him on for an extra 10 months so he can reap millions in extra payments. Shareholders screwed... as usual.

MARGIN CALL

Grant O’Brien poised for Woolworths windfall


Illustration: Rod Clement.
Jessica Mauboy looking radiant in Tuscany.
Illustration: Rod Clement.

• The Australian
• 12:00AM July 22, 2016

Amid the terror that has gripped our world and the fear consuming our television hosts, we bring good news.
After more than a year of patient waiting since announcing his retirement from the top office at Woolworths, Grant O’Brien has finally hit paydirt.

Woolworths chairman Gordon Cairns. Picture: Brett Costello.
Tomorrow, on Saturday, July 23, the Woolies veteran turns 55 and cracks the group’s closed-off defined benefits scheme, from which he will enjoy a windfall multi-million-dollar payout.
Happy Birthday, Grant!
To qualify for the Woolies pension, O’Brien agreed with Scottish chairGordon Cairns to hang around the top office until a CEO replacement was found and then fill the gap with leave to tide him through to his lucrative 55th birthday.
After a long search, and despite initial reports that he was leaving the supermarket giant, internal candidate Brad Banducci was appointed at the end of February.
As of Monday that means O’Brien, who was on a base of $2.3 million a year, can officially leave 1 Woolworths Way, Bella Vista.
And with a bag full of cash.
It is unclear whether O’Brien has opted to take his money as an upfront lump sum (speculated at about $10m) or as an annuity.
Whatever he decides, this week O’Brien got his packaged duck breasts in a row. On Tuesday he established his own super fund, OBW Superannuation Pty Ltd, of which he is a director and secretary, along with his wife Mary Washington, a former lawyer with the retail giant.

http://www.theaustralian.com.au/bus...l/news-story/4dc2c52727890a73660551b7f24b78b2