Tamsyn Parker

Tamsyn Parker is the NZ Herald's Money Editor

NZX chief Weldon paid $1.4m for last five months

Mark Weldon. Photo / Natalie Slade
Mark Weldon. Photo / Natalie Slade

Former NZX chief executive Mark Weldon received a $1.4 million remuneration package for his last five months in the job.

The stock exchange's annual report reveals Weldon, who resigned on May 4 last year, was paid out $1,404,008 for his salary, bonus and accrued leave in the company's 2012 financial year which started in January.

The package is well in excess of the $1.128,877 remuneration package he received in 2011.

Chairman Andrew Harmos said the package did not include a golden handshake but reflected a large bonus earned in the previous financial year as well as "quite a lot" of holiday pay and a KiwiSaver contribution.

Harmos said Weldon's base salary had continued to be paid until June because the company had reached an agreement for Weldon to be available until then.

The annual report also did not include a break-down of new chief executive Tim Bennett's pay but states that the highest paid employee received a salary in the range of $380,000 to $389,999.

Bennett officially started in the top job on May 7.

He is not a director of the company and therefore his remuneration package does not have to be officially disclosed.

But Harmos said it was no big secret.

He said Bennett would be paid a base salary of $500,000 a year as well as a short term incentive bonus of up to 125 per cent of his salary - a maximum of $625,000 if he meets all his targets.

Harmos said the $1.125 million maximum amount Bennett could earn was less than Mark Weldon's remuneration package.

Weldon had been with the stock exchange for 10 years.

Harmos himself was paid $100,000 to be chairman of the NZX last year.

- NZ Herald

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