Former PGG Wrightson managing director Tim Miles received a NZ$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 NZ$4.3 million in the latest financial year. That was made up of the NZ$3 million ex gratia payment, his base salary of NZ$615,000, and a short-term incentive bonus of NZ$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 NZ$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. The new chairman John Anderson was brought in after Wrightson raised NZ$250 million to slash debt after its failed merger with Silver Fern Farms by installing Chinese seed and agricultural research firm Agria Corp. as a cornerstone shareholder. Agria has since taken control of the company in a NZ$144 million partial takeover.
The shares fell 2.6% to 38 cents in trading yesterday, and have sunk 27% this year.
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