Grant O’Brien has stepped into his role as the supermarket giant’s new managing director and chief executive.
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He steps into the role after former CEO Michael Luscombe announced his retirement from the company in April.
Mr O’Brien will have a base salary of $1.9 million in the first 12 months, including superannuation, and a fully maintained car.
Bonuses will be capped at 100 per cent of his salary.
His predecessor had a base salary of $2.26 million with a cash bonus of $2.5 million in 2010-11.
Share -based incentives and other benefits took his total remuneration to $5.73 million in that financial year.
In the previous financial year, Mr Luscombe’s remuneration was much higher, totalling $8.33 million.
"Due to the internal appointment and relative experience, the board determined the commencing remuneration of the incoming CEO would be lower than more experienced CEO’s," Woolworths said in a statement.
Further details of the CEO’s share based remuneration will be voted on in a shareholder meeting in November.
Image: Grant O’Brien, right, will become Woolworths CEO when Michael Luscombe retires later this year, Source: theaustralian.com.au