Wednesday 28th September 2011 6 Comments
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Former PGG Wrightson managing director Tim Miles received a $3 million payment when he unexpectedly left the company last year, according to the company’s annual report.
Miles, who led the rural services firm for two-and-a-half years until October last year, was paid $4.3 million in the latest financial year. That was made up of the $3 million ex gratia payment, his base salary of $615,000, and a short-term incentive bonus of $703,000.
His long-term incentive scheme, which involved 2.5 million Wrightson shares, didn’t add to the balance, as he had been extended a loan to pay for the stake.
His exit payment isn’t far off the $4 million NZ Farming Systems Uruguay had to pay Wrightson to cancel its management contract with the rural services firm, when Singapore’s Olam International took control of the South American farm manager.
Miles’ departure was the last of a rapid leadership shake-up at Wrightson, with just one senior executive, who is based in South America, left from Craig Norgate’s tenure as chairman.
The new chairman John Anderson was brought in after Wrightson raised $250 million to slash debt after its failed merger with Silver Fern Farms, by installing Chinese seed and agricultural research firm Agria Corp. as a cornerstone shareholder. Agria has since taken control of the company in a $144 million partial takeover.
The shares fell 2.6% to 38 cents in trading yesterday, and have sunk 27% this year.
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PGG Wrightson lifts 1H profit by 55 percent on retail, Ag Services, pays 2.2 cent dividend
Wrightson finally gets $25M Crafar Farms loan repaid
PGG Wrightson gets government backing in $14.6M seeds research
PGG Wrightson boss George Gould paid $1.5M in FY 2012