Harvey Norman executives received generous pay rises after the retailer increased its profit by 49 per cent.
CEO, Katie Page, was paid $2.8 million in 2013/14, up 54 per cent on the previous year due to a higher salary and bonuses.
Her husband, chairman Gerry Harvey, received $1.1 million, up on the previous year’s $1 million, due to a $106,000 long-term cash bonus.
COO, John Slack-Smith, got a 14 per cent pay rise to just over $2 million, and CFO, Chris Mentis’ pay also rose 14 per cent to $1.55 million.
The pay rises reflect Harvey Norman’s improved profit in 2013/14, which rose to $212 million thanks to stronger sales and property values.
The company’s share price, and earnings per share, also improved in the year.
Harvey’s stake in the company is currently valued at more than $1.1 billion, while Page’s shareholding is worth $61.5 million.
Details of Harvey Norman’s executive pay packages were published in the retailer’s annual report to shareholders on Tuesday.
The retailer reiterated that it expected its performance over the medium term would be underpinned by Australia’s booming housing market.
“Favourable trends are evident in the Australian housing market, and we are positioned to harness our market-leading position in homemaker product categories to build additional market share,” Norman and Ms Page wrote in the report.
AAP
