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How much is an outgoing CEO worth?
In some cases, a lot more than a present one.
According to Bloomberg, Impala Platinum (JSE:IMP) paid its former CEO David Brown 28% more in his last three months than in the entire preceding financial year.
Brown scored 16.8 million rand ($1.7 million) in salary, benefits and bonuses as he prepared to leave the world’s second largest platinum producer. In the preceding year, the executive was paid a total of 13.1 million rand.
The company noted in its most recent year end results that “Brown received a final consideration in accordance with his separation and restraint of trade agreements. The payment included a performance incentive for the 2012/2013 financial years.”
Brown officially resigned in June 2012 but stayed on as a director for the following three months.
Meanwhile, the platinum miner paid its current CEO, Terrence Goodlace, 7.5 million rand in salary and benefits. Due to low PGM commodity prices and low profitability, Goodlace elected not to take any increase or participate in incentive schemes.
His net pay after tax is 3.6 million rand.
Creative Commons image by: Andrewthecook
