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.
