$13m makes Reynolds' year lucrative

Paul Reynolds appears to have been paid about $13 million in cash and shares during his final year with Telecom.

Although Reynolds left Telecom nearly two months ago, as an extra perk he will continue to have his accommodation and phone costs paid until the end of this month.

The company's annual report, published today, reveals the board agreed to pay "reasonable relocation costs" for Reynolds and his family to return to Britain.

Almost $11m of cash payments included his final year's salary of $1.9m, two years' worth of short-term incentives totalling $4.8m, a $1.75m termination payment, a $2.1m long-term incentive payment that was paid out early, and $331,000 in special payments.

The report revealed successor Simon Moutter's annual salary and incentive package is worth a maximum of $4.7m, with an extra payment of $750,000 in his first year.

- © Fairfax NZ News