Despite being pushed from his post, former Boral chief executive Mark Selway received a $1.9 million termination payment and stands to gain a further $2.7 million worth of shares.
Mr Selway stood down in May after losing the support of the building products company’s board, ending a two and a half year stint as chief executive.
He received a $1.89 million termination payment on top of his base salary of $1.86 million in the year to July 31, Boral’s annual report, released today, showed.
Mr Selway also remains eligible for $2.71 million in shares under long-term incentives granted during his tenure. Those shares will be granted if Boral meets certain performance targets in the coming years.
No short-term incentives were awarded to Mr Selway in the year, in which Boral’s net profit rose 5.3 per cent from the previous year to $176.6 million.
Mr Selway’s temporary replacement, Ross Batstone, received $1.96 million in remuneration in the year to July 31, including almost $1 million of share rights that remain subject to future performance.
Mike Kane, the head of Boral’s US operations, who was recently appointed as the new chief executive, was the only member of Boral’s senior management team to receive a bonus in the year to July.
Mr Kane was paid a $196,000 short-term incentive, taking his annual remuneration to $840,900.