The newly installed chief executive of listed fashion jeweller Lovisa Holdings, Victor Herrero, is under fire after rising to become one of the country’s highest-paid CEOs on $21 million, despite the company facing a class action for underpaying staff by up to $32 million.

The pay packet made Mr Herrero the second-highest earning CEO in the country’s top 300 companies, behind only Macquarie Group boss Shemara Wikramanayake on $23.7 million.