Gail Kelly Took A $400,000 Pay Cut This Year Despite Westpac's Record Profits

Westpac boss Gail Kelly took a $400,000 pay cut this year despite delivering a record profit of $7.1 billion last week.

The AFR reports that Kelly took home $9.2 million, down from $9.6 million in 2012.

Kelly is paid $3 million in fixed salary and a combination of short- and long-term bonuses.

The Fin reports that previous years’ share payments that vested this year brought her 2013 pay up to $10.9 million, up from $10.7 million in 2012.

Kelly exercised share rights to buy 158,513 Westpac shares while selling 350,000 shares earlier this week, giving her a total of 1.69 million Westpac fully paid ordinary shares, valued at about $56 million.

There’s more on the Fin.

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