Fletcher CEO's stake soaring

Fletcher Building chief executive Ralph Waters has considerably expanded his holding in his highly profitable company and now controls a stake worth $10.6 million, atop his $2.2 million annual salary.

Waters' confidence in the listed building materials manufacturer, supplier and distributor was displayed late last year when he exercised his option to buy 1 million shares on September 27 for $2,280,000.

In November, he paid a further $50,944 for 9417 shares and on April 6 this year paid $58,854 for another 8542 shares.

These transactions were disclosed in the company's annual report, out yesterday, which showed he was paid $2,245,000 in the June year.

The company awarded him a bonus of more than $1 million.

"Included in this sum are short- and long-term variable incentive payments totalling $1,250,000 for achieving company profitability targets and individual performance goals," the company said.

Under his own name, Waters now has a $9.9 million outright holding.

The report showed he has 1,275,313 shares directly. A further 99,569 shares are listed as being owned by people associated with him.

With the shares selling around $7.77 each, that gives a combined holding of 1,374,882 shares worth $10.6 million.

The regulatory disclosures statements in the annual report show no director sold shares in the last year but all increased their stake.

WHO GETS WHAT

Telecom chief executive Theresa Gattung is paid $2.9 million in cash, benefits and bonuses.

Westpac boss Ann Sherry received $2.6 million last year.

Fletcher Building chief executive Ralph Waters was paid $2.2 million for the June year but indirectly and directly has shares worth $10.6 million.