Coles is paying its head $2 million a year more than its owner, Wesfarmer’s MD.

Ian McLeod, MD of Coles, was paid the handsome sum of $10.74 million in 2012-13.

Richard Goyder, MD of Wesfarmers, which owns Coles, received $8.59 million for the financial year.

McLeod, a Scotsman credited with Coles’ turnaround, has been paid $55 million in earnings since joining the company in 2008.

Yet his total pay packet this financial year decreased by around $4 million on 2011-2012 earnings.

Goyder had his pay packet increased on last financial year by around half a million.

Wesfarmers’ annual report also divulged that ex-Target MD, Dene Rogers, received a $1.025 million termination payment when he left in April.

Former McDonald’s boss and current Kmart MD, Guy Russo, was paid $3.56 million; a slight decrease on the financial year before.

Bunnings hardware chain boss, John Gillam, also took a very slight pay cut, to $3.65 million for the year.