New Skycity CEO Graeme Stephens talks about his role.
SkyCity chief executive Graeme Stephens earned $1.5m in his first year in the job and is in line for further bonuses if he meets certain performance targets.
Former SkyCity boss Nigel Morrison topped the Business Herald's annual CEO pay survey last year, getting a whopping $6.49m annual pay.
However, that was bumped up hugely by it being his last year in the job.
Morrison's average pay of the previous eight years came in at around $2.5m and his earnings in his final 12 months excluding exit payments was $3.7m.
Stephens' pay includes a base salary delivered in cash, KiwiSaver contributions and health care benefits.
His base salary in the year to June 30, 2018 was $1,450,000. But he got a further $43,500 in KiwiSaver, $5302 in other benefits and he was allocated 320,000 shares in the company, equal to a further $1,250,000 under the company's senior executive long term, the annual report says. These are subject to certain performance targets and other criteria.
Morrison in 2016. Photo/Doug Sherring
Stephens runs the business here and in Australia which employs 5690 people and owns properties in Darwin, Adelaide, Auckland, Hamilton and Queenstown. The business pulls in $868m in gaming revenue, a further $113m from its restaurants and bars, $58m from hotels, $27m from conferences, $18m from Auckland's SkyTower and $7m from car parking.
Stephens expressed pleasure with his first year in the job: "I am pleased with where we have finished the year," he said, citing objectives which included meeting shareholders, contact with his senior leadership team, formulating objectives for the next three to five years and working with the board and new chairman Rob Campbell.
Stephens indicated the sector held big challenges: "It's an industry that demands long hours and we are busiest at times of the day, week or year when others are relaxing."
Morrison's LinkedIn profile lists him as a partner with St Lewis Capital from March last year. The business is in investment management.
The Zimbabwe-born Stephens left the much larger Johannesburg-headquartered Sun International - a casino/entertainment/hotel business - to take over from Morrison.
Stephens' appointment to SkyCity was announced in November, 2016. He took over on May 1 last year and initially spent time travelling to company casinos here and in Australia.
