Woolies boss gets 10pc pay rise

WOOLWORTHS boss Grant O’Brien’s annual pay has increased 10 per cent to $5.3 million.

WOOLWORTHS boss Grant O’Brien’s annual pay has increased 10 per cent to $5.3 million.

He stands to receive another pay rise in the year ahead, with the company lifting Mr O’Brien’s potential cash bonus to match those offered by other publicly listed companies.

Mr O’Brien was paid a salary of $2.3m in the 2014 financial year, plus a cash bonus of $2.06m and more than $858,000 worth of shares. He was paid $4.77m in the prior year.

The pay rise came as Woolworths’ profit increased 8.5 per cent to $2.45 billion.

Mr O’Brien’s cash bonus was equivalent to 70 per cent of his fixed salary in financial 2014, and that will be lifted to 95 per cent this financial year, Woolworths said in its annual report.

If he exceeds his performance targets, that bonus could rise to 135 per cent of his salary.

Among other senior staff at Woolworths, the head of its Australian supermarkets and petrol division, Tjeerd Jegen, was paid $2.68m, and liquor boss Brad Banducci took home $1.65m.

AAP