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Fonterra boss's pay jumps a third to nearly $100K a week

Fonterra chief executive Andrew Ferrier was paid $5.1 million in the year to June – nearly $100,000 a week.His salary package, which includes bonuses, climbed $1.5 million against his earnings the previous year according to Fonterra's annual report

NBR staff
Tue, 26 Oct 2010

Fonterra chief executive Andrew Ferrier was paid $5.1 million in the year to June – nearly $100,000 a week.

His salary package, which includes bonuses, climbed $1.5 million against his earnings the previous year according to Fonterra's annual report out today.

Meanwhile, the dairy giant has increased it’s $100K club with 2785 employees earning $100,000 or more each year up from 2547 last year.

However, the increase is smaller than a jump of 825 staff earning six-figure packages last year.

As with last year, the biggest increase in high earning employees was offshore with 1402 earning more than $100,000 compared with 1237 the previous year.

The high value of the New Zealand dollar would have an impact on offshore salaries where employees are not necessarily being paid more, but cost more because of currency fluctuations.

Meanwhile, chairman Sir Henry van der Heyden has continued with his chairman’s salary of $250,000 with no change, although he is up for re-election this month and farmers are voting now.

NBR staff
Tue, 26 Oct 2010
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Fonterra boss's pay jumps a third to nearly $100K a week
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