Retail in Asia

In People

Coles chief’s salary cut to USD4.9m

Coles’s boss, its Scottish import Ian McLeod, will stay on at the Australian supermarkets group when his five-year term ends next year but his salary will be pared back significantly from the AUD15 million-plus he took home last year to about AUD5 million (USD4.9m) to be in line with other Wesfarmers executives.

Perth-based conglomerate Wesfarmers said on Tuesday it would extend the employment contract of McLeod, one of the key executives in its battle to grab market share from Woolworths, although the dollar terms of his new salary contract will not be released until next year.

It is believed McLeod’s base salary will reduce to about AUD2 million a year, with both short and long-term incentive bonuses. The short-term bonus will be 60 to 120 percent of his AUD2 million base while the long-term incentive will be 80 to 160 percent of the base.