Late yesterday Wesfarmers released its annual report to the market, which revealed Coles boss Ian McLeod made $10.74 million in 2012-13 — taking his total earnings while at the company to $55 million.
What is surprising is that Richard Goyder, the managing director of the public company that owns the supermarket chain, Wesfarmers, only took home $8.59 million for 2012-13, up slightly on last year’s $8.01 million.
McLeod, who joined in 2008 actually made slightly less money this year. In the previous period he took home $14.8 million.
The reason McLeod earned more than his boss is probably the result of a generous pay plan put in pace after Wesfarmers took over Coles in a $19.3 billion deal, which concentrated on performance-based bonuses.
McLeod has overseen a strong period at the business, though 2012-13 was the last year of the scheme, and he could be in for a smaller package next time around.