The Boss Of Coles Made More Money Than The CEO Of The Company That Owns His Supermarket Chain

Richard Goyder (R), CEO Wesfarmers answers questions from the press as Rick Allert, Chairman of Coles Myer looks on during the announcement of Wesfarmers takeover bid July 2, 2007 in Melbourne, Australia. Photo: Getty

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.

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