Following Pacific Brands announcement of more than 1800 job cuts, news of the CEO s hefty 170% pay rise has added fuel to the firey debate on executive salaries.
The ACTU president has called CEO Sue Morphet s pay packet of $1.86 million obscene , and a sign corporate Australia s wonky moral compass. Remarkably, Ms Morphet s remuneration was half that of the previous CEO.
In addition, the total remuneration for the company s 13 directors more than doubled last year, to $15.5 million.
Despite receiving $15 million in taxpayer assistance funds in the last two years, Pacific Brands announced it would move its manufacturing offshore, at the expense of 1850 jobs.
The debate is set to continue with Sol Trujillo s departure from Telstra. It s been estimated the outgoing chief will leave with a $33 million golden handshake when he finishes up in June, as well as tax compensation and share options.