Calibre Group handed former boss Rod Baxter a $1.25 million termination payment after he left in June at a time when the contractor embarked on what its chairman calls a "vicious" cost-cutting drive.
Payments to Mr Baxter and two other executives who left Calibre in the past financial year blew out its total remuneration for directors and top managers to $9.1 million.
In the previous year - before Calibre became a listed company with additional directors - the salary bill came to $4.9 million.
Chairman and acting managing director Ray Horsburgh yesterday said the engineering and asset maintenance company had stripped out $25 million from overhead costs, including laying off more than 70 staff.
Mr Baxter resigned after a relentless slide in Calibre's share price which began with April's heavy downgrade, brought on by the mining slump. At the time, Mr Horsburgh said the departure was linked to differences with majority owner First Reserve over the extent of cost-cutting required.
The former managing director received $2.49 million in payments for the year, including a base salary of $1.13 million.
Calibre also made termination payments of $750,000 to former Calibre Global chief operating officer Don Johnson and $308,000 to former Calibre Rail divisional director, Garth Higgo.
Company founder and non- executive director Ray Munro was paid $585,000, a sum which included consultancy fees and a long service leave payout.
Shares in the contractor soared 17 per cent yesterday after reporting annual results above the levels of the downgrade.
Calibre had a net profit of $22 million, compared with $34 million the year before.
"Calibre took a cautious and conservative approach to assessing conditions in April 2013 and has acted quickly in the face of changing market conditions to sustain the business through the downturn," Mr Horsburgh said.Its shares ended up 7.5Â¢ to 50.5Â¢.