Fletcher Challenge Forests CEO paid $1m in bad year

By PAM GRAHAM

Fletcher Challenge Forests chief executive Terry McFadgen was paid $1 million for the year ended June - during which his company wrote off $324 million on the Central North Island Forest Partnership.

McFadgen, who announced this month that he would retire in April next year after 2 1/2 years in the job, was paid a salary of $751,000 and a bonus of $260,000.

He has $122,830 in contributions in the company's retirement plan.

The company reported earnings in the year of $136 million before interest and tax which included a $53 million revaluation of the forest crop. It reported a loss of $249 million after the final CNIFP writeoff.

In August the company's shareholders voted against a plan for Fletcher Forests and an associate of Chinese investment company Citic to buy the forests.