Leighton CEO Gets His Marching Orders Along With A $10 Million Payout

Hamish Tyrwhitt. Photographer: Dario Pignatelli/Bloomberg

Leighton, one of Australia’s largest contracting companies, has just got rid of its CEO and CFO.

Chief Executive Officer Hamish Tyrwhitt and Deputy Chief Executive Officer and Chief Financial Officer Peter Gregg have both been terminated.

According to documents lodged with the ASX, Tyrwhitt will get a payout of more $10.2 million and Gregg $8.1 million.

They both get a year’s pay in lieu of notice plus each will be provided with an office and executive assistant for 12 months

Their total packages will be subject to approval by shareholders at an annual general meeting.

Leighton is subject to a takeover offer from majority shareholder Hochtief whose CEO Marcelino Fernandez Verdes will now run the Australian company.

Hochtief is a German company.

Trading in Leighton shares was halted at the time of the announcement at $22.24 and have subsequently slipped slightly to $22.15.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.