• AIR2.025

    $0.0050.25%

  • Open 2.01 High 2.03 Low 2.01 Bid Price 2.02

    Offer Price 2.025 Value 454378.33 Volume 225114

Grant Bradley

Aviation, tourism and energy writer for the Business Herald

Fyfe's final package almost $8m

Former Air New Zealand chief executive Rob Fyfe. Photo /  Natalie Slade
Former Air New Zealand chief executive Rob Fyfe. Photo / Natalie Slade

Former Air New Zealand chief executive Rob Fyfe was paid a total package of up to $7.96 million during his final year at the airline.

The annual report shows the package included $5.1 million of options exercised under his long-term incentive plan.

The options were accumulated between 2008 and 2012 and calculated as 80 per cent of salary over a five-year period. Fyfe - who has gone on to directorships for other companies - was paid a base salary of $715,500 for his final six months at the airline.

His successor, Christopher Luxon, earned a base salary of $625,000 in the first six months as chief executive and earned short-term incentives of $602,841 to be paid in the next financial year. Luxon also owns or has an interest in 137,980 shares as part of a long-term incentive plan.

His declared earnings place him in the $1.52 million to $1.53 million band of the employee remuneration table.

The report also shows the number of executives and management earning more than $100,000 including incentive payments climbed from 582 in 2012 to 642 in the past year.

- NZ Herald

© Copyright 2014, APN New Zealand Limited

Assembled by: (static) on red akl_a4 at 15 Sep 2014 16:16:07 Processing Time: 393ms