The West

Crown Perth boss Barry Felstead. Picture: Nic Ellis/The West Australian.
Crown Perth boss Barry Felstead. Picture: Nic Ellis/The West Australian.

Already one of Australia's highest paid executives, Ian McLeod has enjoyed his biggest windfall since beginning the Coles turnaround story five years ago.

The Scotsman, brought in by Wesfarmers to revive the supermarket operator's fortunes, received pay and benefits of about $18 million in the past financial year, the con- glomerate's annual report revealed yesterday.

The bulk of that was a $15 million cash bonus under Coles' long-term incentive plan. About $6.6 million of that was earned in 2012-13, the balance before.

The payout easily eclipsed Wesfarmers managing director Richard Goyder's total remuneration for the year of $8.6 million. Mr McLeod has earned about $54 million over five years, including $34.5 million under the LTI plan. The special purpose vehicle ended June 30 for Coles' top executives, now on the same plan as other Wesfarmers bosses.

The Coles bonus system was principally indexed to earnings before interest and tax, which since 2009 increased 84 per cent from $831 million to $1.5 billion.

Also yesterday, it emerged Crown Perth boss Barry Felstead earned a comparatively more modest $900,000 boost in his pay packet since adding the casino operator's Melbourne resort to his responsibilities.

Since becoming chief executive of Australian Resorts last month, Mr Felstead's base salary was increased from $1.2 million to $2.1 million.

He is also eligible for bonuses, receives a $50,000 travel allowance and, like other Crown executives, complementary privileges at the Perth and Melbourne resorts.

After running the Burswood casino resort for six years, majority shareholder James Packer promoted Mr Felstead last month at the expense of former Crown Melbourne boss Greg Hawkins. He also has the added title of chief executive - VIP inter- national.

Crown managing director Rowen Craigie's base pay is $3 million. Mr Packer does not draw a salary.

Mr Felstead's pay fell by about $700,000 to $1.85 million because his bonuses fell.

The West Australian

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