Coles chief executive Steven Cain.
These other benefits comprise of two tranches of Wesfarmers'"transition arrangements"with Cain,which aim to compensate him for long and short-term incentives he forfeited upon leaving Metcash.
This compensation comes in addition to Cain's base salary of $1.81 million and $822,314 in short-term incentives,though Cain received just 39.2 per cent of total available short-term incentives.
Cain will receive an additional $1.5 million at the end of December,provided he does not leave the role before then.
Loading
However,these total payments still pale in comparison to rival supermarket boss Brad Banducci,who's lengthy tenure at Woolworths saw him awarded $6.9 million in long-term incentives,which contributed to a total of $12.6 million in remuneration last financial year.
In the 2019 financial year,Coles'earnings before interest and tax,excluding a range of one-off significant items,dropped 8.3 per cent to $1.34 billion. The company's supermarkets earnings jumped 2.2 per cent,returning to full-year growth for the first time in three years.
The company did not provide any material guidance for 2020,saying only it had"more work to do"in itsambitious $1 billion cost-saving plan.