Former ACTEW executives given payouts worth $1.7m
The ACT's publicly owned water, sewerage and energy provider paid four departing executives nearly $1.7 million in termination payments, according to its annual report.
There has a been a string of high-profile departures from the utility ACTEW Corporation over the last 12 months.
The former managing director of the corporation, Mark Sullivan, announced his departure from ACTEW in February after six years in the top job.
Mr Sullivan was given a $690,000 termination payment by ACTEW.
Combined with his salary and other benefits, Mr Sullivan was paid a total of $1.29 million by ACTEW for the 2013/14 financial year.
At the time of his departure, Mr Sullivan said new leadership was needed at the corporation.
"I am proud to have led a capable team and to deliver on every objective agreed with the board and the Government in my role," Mr Sullivan said in a statement.
Mr Sullivan led several large water security projects, including the Murrumbidgee to Googong pipeline and the enlargement of the Cotter Dam.
Three other former executives were also given large payouts.
Ian Carmody, the former deputy CEO, was paid $420,000 after leaving his post in February, taking his total payments for 2013/14 to $780,000.
Former chief financial officer Simon Wallace was given a $240,000 payout, while the former company secretary and executive governance manager Michele Norris was given a $323,000 termination payment.
In a statement, ACTEW said the high number of executives leaving the corporation was due to the restructuring of the utility.
The process to integrate water and sewerage services back into ACTEW started in 2012 and was completed this year.
The new Managing Director’s focus on the strategic direction of the organisation going forward led to the position of the Deputy Chief Executive Officer being made redundant," the statement said.
A subsequent realignment of roles and responsibilities in the executive team then resulted in two further executive positions also being made redundant.
The departure of executives ensued through mutual consent and any redundancy payments were paid in accordance with both contractual obligations and ACTEW’s standards."
