Former PGG Wrightson managing director Tim Miles received a $3 million payment when he unexpectedly left the company last year, according to the company's annual report.
Miles, who led the rural services firm for two-and-a-half years until October last year, was paid $4.3 million in the latest financial year.
That was made up of the $3 million ex gratia payment, his base salary of $615,000, and a short-term incentive bonus of $703,000. His long-term incentive scheme, which involved 2.5 million Wrightson shares, didn't add to the balance, as he had been extended a loan to pay for the stake.
His exit payment isn't far off the $4 million NZ Farming Systems Uruguay had to pay Wrightson to cancel its management contract with the rural services firm, when Singapore's Olam International took control of the South American farm manager.
Miles' departure was the last of a rapid leadership shake-up at Wrightson, with just one senior executive, who is based in South America, left from Craig Norgate's tenure as chairman.
