Doug Heffernan. Photo / Sarah Ivey
Mighty River chief executive Doug Heffernan - already one of the highest-paid bosses on the Government's payroll - is to receive a $500,000 bonus after steering the company through its partial privatisation next year.
The company's annual report yesterday revealed that Dr Heffernan had committed to remain with the company,
which is to be partially privatised between March and June next year, until the following December.
The commitment was "to ensure continuity of leadership as the company progresses through the potential initial public offering and the next phase under mixed ownership", the company said.
On completion of that term, Dr Heffernan would receive a $500,000 "one-off retention payment".
Chairwoman Joan Withers said the board wanted to ensure "certainty in managing succession planning and continuity of leadership at this critical time of the company's evolution".
