Fletcher's Mark Adamson paid a $2.9m exit package

Former Fletcher Building chief executive Mark Adamson. Picture / Nick Reed

Former Fletcher Building chief executive Mark Adamson was paid a $2.9 million exit package when he left the company abruptly last month.

Details of the payment are revealed in the company's annual report, which was released today with its latest financial result.

Although he forfeited $8m of bonuses held in Fletcher's long-term share scheme, Adamson received $2.94m upon his departure in severance and other entitlements.

"Upon cessation of his employment, Mark Adamson was paid an amount in accordance with the severance terms in his employment agreement which was equivalent to his fixed remuneration entitlement for a combined period comprising a three-month notice period plus 12 months' severance and any leave entitlement due to him, such aggregate amount being $2,936,387," the company said today.

The annual report also shows that for the 2017 financial year, Adamson was paid $4.29m - even when long-term incentives are taken out of the equation.

This was made up of base remuneration of $2.02m and a short term bonus of $2.2m relating to the 2016 financial year that was paid last September.

He also received $69,392 in other benefits.

Stripping out long term incentives, Adamson was paid $3.97m in the 2016 financial year.

Adamson left the company immediately last month as it announced a second earnings downgrade.