Bonuses At Asciano After Horror Year
Sydney Morning Herald
Saturday September 20, 2008
THE chief executive of the debt-crippled Asciano Group, Mark Rowsthorn, was paid a $1.3 million "cash incentive" last financial year, a period in which the company reported a $695 million loss and suffered a 70 per cent slump in its share price.
Mr Rowsthorn's horror first year at the helm of the ports and rail operator offered a few small consolations, Asciano's first annual report since the spin-off of the ports and rail operator from Toll Holding showed. Compared to the $1.46 million base salary Mr Rowsthorn earned at Toll Holdings in 2006-07, his base pay at Asciano was $1.83 million. In all, he earned $3.7 million for the year, including $503,233 in share-based payments. But the company's share price slump has had a big effect on Mr Rowsthorn's wealth, with his 6 per cent shareholding in the group now worth around $136 million, compared with about $500 million in mid-2007. Mr Rowsthorn was also burnt when he put $50 million of his own money into a share placement at $10.65 in June 2007.The group's new chief financial officer, Peter McGregor, received a $110,500 bonus. The company's chief operating officer, Don Telford, received a $412,549 bonus. Asciano's former chief executive, Austen Perrin, who is still paid as a consultant to the group, received a $546,000 termination payout for his eight months there.This was on top of his $131,575 bonus and $551,235 base salary.Shares in Asciano, which have been hammered in the past week by the turbulence on credit markets, recovered ground yesterday, closing up 35c at $3.35. Last month the company rejected a takeover "proposal" from TPG and the GE- and Credit Suisse-backed Global Infrastructure Partners.
© 2008 Sydney Morning Herald
