has cut the pay of its acting chief executive compared to his predecessor while offering a hefty remuneration rise for the new executive chairwoman.
In a notice to investors released on Friday, Bapcor said its acting chief executive and chief financial officer, Noel Meehan, would be paid $975,000 annually, with a potential short-term bonus worth the same amount. He was elevated last month after Bapcor – whose brands include Autobarn, Autopro and Burson – said former chief executive Darryl Abotomey would have his retirement brought forward following “Mr Abotomey earned a base pay of $1.3 million last year, about 25 per cent more than Mr Meehan’s new base pay. Mr Abotomey also qualified for a short-term bonus worth the same amount as his base pay and a long-term bonus worth slightly less at $1.17 million.
Bapcor, which says it has 1100 outlets with 5000 employees in Australia, New Zealand and Asia, last month said a global search for a new permanent chief executive was “well progressed”. The company had argued the leadership transition allowed Bapcor to install “a more contemporary leadership and management approach to drive the company’s growth, while also ensuring – consistent with stakeholders’ changing expectations – an appropriate governance and oversight framework remains in place”.
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