In People

It cost Pac Brands Hard Yakka and millions to retain top executives

Not just any old Tom, Dick or Harry can run a socks and jocks shop like Pacific Brands.

Which is why its board room brains trust offered more than AUD3 million in retention/incentive payments to its top executives in July last year when the owner of Bonds undies was sinking under a massive debt load and faltering sales. And considering asset sales that would further imperil its top talent.

It means that current boss, David Bortolussi – who is just short of his first anniversary in the role – did not have to wait for the recent turnaround in Pac Brand’s fortunes before pocketing his AUD1.2 million (USD 855,000) retention bonus. This is nearly double his base salary, and may have softened the blow of watching his predecessor, former Foster’s executive John Pollaers, walk out the door with AUD1.4 million in lieu of notice.

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