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Woolworths ups boss’s pay to $5.7 million

One snippet of information that is often not included with the release of the preliminary final report but does become available once the annual report is released is the remuneration report.

So while retailer Woolworths (ASX: WOW) released its preliminary final report on 28 August, it was not until last week on 27 September that shareholders were finally able to see what Managing Director Mr Grant O’Brien received as remuneration in the 2013 financial year.

With Woolworths reporting a 6.1% increase in normalised net profit after tax on the back of a 4.8% increase in revenues and the share price up over 24% for the year, it’s not surprising that O’Brien’s total remuneration (inclusive of salary, cash incentive, long service leave and share based payments) increased. For financial year (FY) 2013 the MD received nearly $5.7 million compared with $4.2 million in FY 2012.

In other news, Woolworths-owned Big W looks to be stepping up the challenge to competitors such as Amazon.com (NASDAQ: AMZN) with the launch of eBooks, a website that complements Big W’s book retailing by offering customers book “downloads at Australia’s lowest prices.”

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Motley Fool contributor Tim McArthur does not own shares in any of the companies mentioned in this article.

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