One of Australia's most highly paid executives, the head of Coles supermarkets Ian McLeod, has signed up to extend his contract. Mr McLeod famously earned more than his boss, Wesfarmers CEO Richard Goyder.
Wesfarmers did not reveal the terms of Mr McLeod's new contract, but praised his performance in leading the supermarket chain's turnaround.
"Ian and his team have achieved outstanding results over the past four years, delivering at Coles a sustained period of industry outperformance in both sales and profit growth," Mr Goyder said.
Mr McLeod's original contract was for five years and was due to expire in 2013.
Wesfarmers poached the Scottish businessman, whose past executive roles have been at supermarket chain Asda and US retailer Walmart, in 2008.
He was brought on board to revive the fortunes of Coles, which the Western Australia-based conglomerate bought in 2007.
While the details of Mr McLeod's new remuneration package remain a mystery, Wesfarmers' senior executives are covered by contracts with unlimited durations.
Each can be terminated immediately for serious misconduct.
Mr McLeod was the second-highest paid executive in Australia last year, with a cash salary of $1.9 million and total remuneration including bonuses worth $15.6 million.
Wesfarmers shares were 29 cents higher at $28.95 at 1532 AEST.
