Fonterra's $8.2m farewell to Andrew Ferrier
Former Fonterra chief executive Andrew Ferrier received a payment of $8.2 million when he left the dairy giant this time last year.
Fonterra chairman Sir Henry van der Heyden at a presentation of the company's annual results for the 2012 year today confirmed the payment was to the Canadian, who had headed New Zealand's biggest company for eight years.
Van der Heyden said the payment was a ''wash up'' of money due to Ferrier under the company's long-term and short-term performance incentive pay structure.
''I know it's a lot of money....but it is all based on performance....'', he said.
Last year's annual report suggests Ferrier was paid between $4.9m and $5m in the year ended July 31 2011.Ferrier was succeeded by Dutchman Theo Spierings, who marks the end of his first year with the farmer-owned cooperative today.