New CEOs take helm at New Zealand's top companies

Name: Focus: How healthy are our biggest corporates?
Uploaded: 2017-08-10T17:44:19+12:00
Description: The chairman of the NZ Shareholders Association gives his assessment of the country's top 50 companies

By Aimee Shaw

Business Reporter·NZ Herald·

11 Aug, 2017 09:50 PM2 mins to read

The chairman of the NZ Shareholders Association gives his assessment of the country's top 50 companies

An array of new leaders have joined the ranks of some of New Zealand's top firms.

There were a number of former leaders included in this year's Business Herald CEO pay survey, as new leaders were recently appointed and could not be included.

The most recent posting saw Kate McKenzie join telecommunications provider Chorus as the new boss, in February this year, making her the only female leader currently running an NZX-listed company.

READ MORE: • Revealed: What NZ's top executives are paid

Mark Adamson, former chief executive of Fletcher Building, left last month following a number of unexpected profit downgrades.

Marc England joined Genesis Energy as chief executive in May 2016.

Former Housing New Zealand boss Glen Sowry was appointed chief executive of Metlifecare in April last year and Lewis Gradon joined Fisher & Paykel Healthcare as CEO in April last year.

The Warehouse's Nick Grayston took over as chief executive in December 2015 and Scott Coulter joined manuka honey firm Comvita in October in 2015.

Departed SkyCity boss Nigel Morrison was the highest paid executive canvassed in the Business Herald's CEO pay survey this year, earning a total of $6.4m made up of $3.7m of annual remuneration, an annual leave payout of $96,000, $2.3m in resignation entitlements and more than $300,000 in dividends.

South-African born Graeme Stephens is the current SkyCity chief executive.

Adamson was the second highest paid CEO last year, earning $4.7m, followed by Fonterra chief Theo Spierings, ANZ New Zealand boss David Hisco and Air New Zealand chief executive Christopher Luxon.

In the 2016 financial year The Warehouse newcomer Nick Grayston earned $1.4m and Fisher & Paykel chief Lewis Gradon earned $1.21m.

Genesis Energy's Marc England earned just under $300,000 in his first two months of the 2016 financial year as the new chief executive. Former Chorus boss Mark Ratcliffe earned $2.2m in his last year as chief executive and Comvita's Scott Coulter earned $570,000 for a half year on the job.

Findings from this year's survey revealed the average CEO salary to be $1,732,802, up 3.34 per cent from 2015, with the average rise totaling to $56,000.

• Click here to see the full survey findings.