Rakon bosses' pay up for second year

Brent Robinson. Photo / Steven McNicholl
Brent Robinson. Photo / Steven McNicholl

Rakon managing director Brent Robinson and marketing director Darren Robinson got pay rises last year even as the shares more than halved in value and the company continued its policy of not paying dividends.

Brent Robinson's remuneration rose 6.7 per cent to $846,573 and Darren Robinson received an 8 per cent increase to $691,800 in the year ended March 31, the annual report said. Shares of the Auckland-based company fell 4.6 per cent to 42c on the NZX yesterday.

Rakon, founded by the Robinsons' father Warren Robinson, was a market darling when it first listed in May 2006 and the shares peaked in May 2007 at $5.80.

Interests associated with the family have about 23 per cent of the shares and a separate family company, Trident Investments, leases property to Rakon on commercial terms.

Brent and Darren Robinson got pay increases of about 5 per cent and 3.6 per cent respectively last year.

- BusinessDesk

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