Myer cuts executive incentives
Myer has announced that its chief executive Bernie Brookes’ remuneration has fallen after the retail giant failed to meet its incentive targets. Mr Brookes’ received $1.63 million for the year, only up slightly from last year.
Mr Brooke’s missed out on the $950,000 worth of long-term incentive share-based payments. The announcement comes as short-term executive pay-incentives were also not paid out for last financial year.
The announcement comes as Myer’s earnings fell by 4 per cent from the previous financial year, which predicted a huge decrease in executive remuneration, down to $5.4 million from $17.3 million.