The Warehouse Group’s former chief executive, Nick Grayston, received a $2.2 million “golden parachute” after he abruptly left the retailer in May.
In its annual report released to the New Zealand Exchange (NZX) with full-year earnings in late September, the group disclosed it paid Nick Grayston a $2.2m “additional payment”.
On Monday, a Warehouse spokesperson told BusinessDesk the payment “was part of his contractual terms on termination, negotiated when he joined the group and included holiday pay and a discretionary payment of three months’ notice in lieu”.
On May 17, Grayston resigned with immediate effect from the role he’d held since 2016. Jon Journee, who took over after Grayston’s abrupt departure, earned $332,000 for the rest of the year.
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