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CEO’s get in for their chop with end of year bonuses

Thursday, 21 September 2006
By Print 21 Online Article

Amcor Packaging has had a tough year in 2006. Earning fell 11.5 per cent to $406 million; return on funds was reduced from 12 to 11.3 per cent. The company posted a loss of $55 million after tax mainly due to write downs and restructuring. It also blamed the rising cost of fuel and other commodity input costs.

This has not stopped Ken MacKenzie, managing director, who joined the company on 1 July 2005, from having his salary boosted by 70 per cent from an annual $1.2 million to $2.9 million. The year saw the closure of some plants and the restructuring of others.
” target=”_blank”>PaperlinX profits plummet

According to the Australian Financial Review PaperlinX chief, Tom Park, got a 30 per cent increase in his remuneration to $2.7 million, mostly as a of a short-term bonus of $506,000.

On a different scale and with more alignment to results, Brian McCarthy, ceo of Rural Press got an increase in his take home of a modest 15.2 per cent to $1.43 million. His short and long-term bonuses went from $205,000 to 425,764.

Mind you, Rural Press, which is 54 per cent owned by brothers John and Timothy Fairfax, is going gangbusters with a revenue lift of three percent to $588.4 million and EBIT up 10.7 per cent to $174.40.
Colour printing capacity helps boost Rural results

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