$63M payout turns into a "healthy payout" in minutes
Wednesday, 17 June 2015
A few minutes ago I published some commentary based on The Australian's published (online) story about the Woolworths CEO's departure package - here's a screen grab of the story as it appeared:
The link to the story now takes you to this revised version, now published online:
Grant O’Brien will collect a healthy payout under the generous terms of the Woolworths executives’ retirement scheme.
Chairman Ralph Waters has made clear O’Brien would be collecting under the scheme and his final days at the company are being arranged to ensure the man who spent 28 years at the place will get a decent payout.
Woolworths maintains, however, the retirment package will be “less than double-digit millions”.
Waters also said one of the company’s (WOW) biggest faults was it was run too much from head office, leaving the people on the ground with too little say in the business.
Waters put the change in chief executive down to personnel, strategy and this management flaw.
$63M sounded outrageous, I'm pleased to see that the Woolworths is not going to pay anywhere near that amount.