The poor performance of Australian food group Goodman Fielder during 2000/2001 has meant that two of the firm’s senior executives have missed out on annual bonuses worth in total around A$730,000 (US$363,000).
Goodman’s CEO, David Hearn, was in line for an incentive payment of A$450,000. The company’s underperformance meant that he missed out however, and his total pay packet for the year came in at A$1.55m including other benefits and superannuation. Last year, he picked up A$1.84m.
Meanwhile, Doug McKay, MD for Goodman Fielder’s operations in Australia and New Zealand, missed out on a performance-based incentive payment of A$280,000. This meant that he too picked up a reduced pay packet, worth A$879,271 rather than the A$1.08m he got in the previous year.