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Leighton Holdings CEO receives $6 million in 6 months
02/04/2012 - The chief executive of troubled construction company Leighton Holdings pocketed $6.25 million for just six months' work. Drew Cratchley
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Hamish Tyrhwitt was Leighton's boss for only four months in 2011 after being promoted from head of its Asian operations on August 24.
His remuneration for the period equates to just over $240,000 a week.
Prime Minister Julia Gillard's weekly salary is about four per cent of that amount.
Tyrwhitt's remuneration was inflated by what Leighton termed $3.9 million in transition payments, the company's annual report published on Friday said.
Those payments include a $1.55 million retention fee that Tyrwhitt has to repay if he resigns or is dismissed before January 1, 2013.
He was paid $869,000 in total incentives earned in previous years with the company and was also awarded an allowance of $800,000 to return to Australia in 2011.
Those payments came on top of his fixed salary of $1.38 million for the six months to December 31, plus $931,200 in short-term bonuses as Leighton met its profit target for the period.
Leighton posted an underlying profit of $272 million for the six months to December 31, within its target of $250 million to $300 million.
The property and construction giant posted earnings downgrades of just over $1 billion in the past 12 months, plagued by delays on its Airport Link toll road in Brisbane and a Victorian desalination plant.
Several senior executives have also departed the company in one of its most difficult years on record.
David Stewart took over as CEO from the long-serving Wal King in January 2011, only to be stood down by the board seven months later.
Stewart would be paid $2.4 million in termination payments, although payment was yet to be carried out, Leighton's annual report said.
The details of the senior executive payments came one day after Leighton downgraded its full year profit forecasts by a further $200 million because of more charges to be incurred on Brisbane Airport Link and the Victorian desalination project.
Source: AAP NewsWire
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