Virgin chief collects $4.75m

MELBOURNE - Virgin Blue chief executive Brett Godfrey's salary package for the 18 months to September 30 was A$4.36 million ($4.75 million).

Godfrey's pay packet was eight times higher than the A$549,501 he received in 2003/04, largely thanks to the A$3.64 million of options.

The pay rise comes after a tough year for the airline, which was subject to a takeover bid by major shareholder Patrick Corp, margin erosion due to high fuel costs and a 33 per cent fall in annual net profit.

In the company's annual report released yesterday, Godfrey said the airline had focused on consolidation in the past 12 months after four years of solid growth. He said that after cost and productivity initiatives and Virgin Blue's withdrawal from unsustainable routes, the airline was well positioned.

- AAP