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Myer CEO pay rises while profit falls

 

MyerMyer CEO, Bernie Brookes, has been awarded his first pay rise in three years, despite failing to stop the department store chain’s profit slide.

Myer’s annual report said Brookes’ fixed remuneration rose 11.1 per cent to $2 million in 2013/14, his first pay hike since September 2011.

His total remuneration package, including share options, rose to $2.57 million from $2.54 million a year earlier.

The package was in part boosted by a 40 per cent hike in payments to cover expenses such as a rental subsidy, and fringe benefits.

Brookes’ pay rise follows the department chain store’s worst profit fall since the slide began three years ago.

Myer’s profit dropped 23 per cent to $98.5 million last financial year, following slides of 8.7 per cent and 12.7 per cent in the previous two years.

Chief financial officer Mark Ashby also received a 7.1 per cent rise in his base pay.

But all other executives had their pay frozen and missed out on receiving short and long term bonuses for a fourth consecutive year.

Meanwhile, chairman Paul McClintock’s remuneration package rose 27 per cent to $400,000 as he completed his first full year in the job since his appointment in October 2012.

The department store chain has been facing increased competition from overseas and local retailers in recent year, putting its earnings under pressure.

Myer had proposed to merge with its rival David Jones in 2013, but the deal fell through when David Jones agreed to another takeover bid by South Africa’s Woolworths.

The retailer re-appointed Brookes to the top job in February as it urged David Jones to consider its merger proposal.

His contract was due to expire in August 2014, with the retailer replacing it with an open-ended one.

AAP

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