Seven Group, which announced last week that it would be cutting 350 jobs at its WesTrac operations in NSW, has agreed a salary package that would make Mr Voelte one of the highest paid chief executives in the country.
His salary package includes fixed annual remuneration of $3.2 million, inclusive of superannuation.
In addition, he will be paid a further $2.4 million in cash and shares under a short-term incentive plan if his annual performance is "on target".
Mr Voelte may also qualify for $1.6 million in share options under a long-term incentive scheme, if his performance is "on target".
His base salary is similar to that paid to his predecessor, Peter Gammell, who was on a base salary of $3.0 million.
Rio chief executive Sam Walsh is paid a base salary of $A1.9 million.
Since then, many small and mid-cap companies have annoucned cuts to staff salaries and directors' fees.
Just last week, Troy Resources announced that chief executive Paul Benson's $540,000 base salary would be cut by 25 per cent.
The total amount paid to chief executives is dependent on their performance relative to agreed targets, which are not made public.
In Mr Voelte's case, his short-term bonus is tied to personal goals such as leadership and executive development, cost management, investor relations and strategy, and company goals such as net profit, while his long-term bonus is tied to the company's share price.
Similarly, Mr Mackenzie has more upside if he reaches or exceeds his performance targets. His "short-term incentive target opportunity" is 160 per cent of base salary (with a maximum opportunity of 240 per cent) while his long-term incentive award for 2013 was 400 per cent of base salary.
His predecessor Marius Kloppers had a larger base salary and higher incentive opportunities.
To provide further context, Seven Group Holdings has a market value of just $2.5 billion, making it the 88th largest company on the ASX.
Wesfarmers has a market cap of $46 billion and is Australia's 8th largest company.
Before that, he was chief executive at Woodside Petroleum. In his final year at Woodside, he was paid a base salary of $2.6 million and total income of $7.9 million.