Coles' fresh food hero is staying on

    by: Amy Wilson-Chapman
    From: PerthNow
    May 29, 2012




IAN McLeod, the $15 million man responsible for turning around ailing supermarket Coles, is staying put.   

Coles’ parent company, Wesfarmers, announced today the managing director would be paid an undisclosed sum to stay on after his five-year, fixed-term contract was up at the end of June.

“Ian will move to a new employment contract consistent with other senior executives within the Wesfarmers Group, which includes a six-month notice period,” said Wesfarmers managing director Richard Goyder.

Mr McLeod was one of the highest paid executives in Australia last financial year - earning $15.6 million thanks to an $11.1 million bonus. He is expected to earn between $35 million and $40 million for his five years at Coles, depending on the performance of the supermarket major.   



Having been recruited from the UK in 2008 by Mr Goyder, the supermarket boss led the company to a 21 per cent jump in earnings for the 2011 financial year.

Mr Goyder said he was pleased the supermarket boss was keen to stay on after the final stage of the supermarket’s five-year turnaround.

“Ian and his team have achieved outstanding results over the past four years, delivering at Coles a sustained period of industry out-performance in both sales and profit growth,” Mr Goyder.

Wesfarmers shares were up 1.29 per cent, or 37 cents, at $29.03 at 1232 AWST.


Comments on this story

    1Grumpy of WA Posted at 7:16 PM May 29, 2012

        Well Mr $15 million dollar man, you've done absolutely nothings in quite a few Coles stores that I visit on a regular (not now) basis. If fact you have achieved something with your $15 million, driven me away never to shop in a Coles store ever again, fruit, meat and grocery items way too dear, can't buy what I've bought for years in Coles, sick of standing (when I went to Coles) waiting to get my items through a cash register. Bye bye Coles for ever, hello Woolies, my local green grocer for fresh veggies/fruit sells them cheaper than the big 3, why is this with their massive buying power? greed.   

Quote:


21% increase in profits last year?
Huge increases in profits and sales in the last 5 years.
Responsible for turning around ailing supermarket Coles.

Read the article mate.

Verge wrote on May 30^th, 2012 at 10:25am:


If these coles dudes are so good then why aren't they competing in overseas markets ?

They get away with ripping people off here until someone like Aldis comes along and shows them how to run a real business

Quote:

They increase the profits for their company.

Interestingly former Victorian Liberal Premier, Jeff Kennett is mounting a bit of an investigation into allegations that Coles may be engaging in unethical, and possibly illegal, business practices.
What is alleged is that suppliers are compelled to show a Coles representative ALL their financials, to work out the actual unit costs for whatever they are selling to Coles.
Coles then tells the supplier they are allowed only to apply a 3% profit on the product, or else they will remove all that companies products from all Coles Group stores.

Now if the CEO can be proved to have instigated and implemented, such a system, he should be offered a government award, as well as his usual bonus.
This could, if allegations turn out to be validated,                                                   see him offered free room and board from the government.

Of course, nobody really believes that big busssiness CEO's would ever engage in unethical practices, let alone illegal, do they????????????

Verge wrote on May 30^th, 2012 at 11:48am:


Still way above CPI !! He doesn't own the company. He just works for them like all of the other lowly paid workers. Shouldn't get anymore than the CPI in my opinion !!

Verge wrote on May 30^th, 2012 at 12:17pm:


they are performance based. If they don't turn up to do the job they don't get paid

Quote:


Getting much more than the CPI is an outrage !!

Verge needs to be reminded of the manager of a Korean ship building yard who is in charge of 20,000 workers and only gets four times their pay That is how a real CEO runs a company

http://sixtyminutes.ninemsn.com.au/stories/richardcarleton/259329/ship-ahoy

Quote:

Bobby. wrote on May 30^th, 2012 at 9:40pm:


I'm just glad that Aldis exists and is a viable alternative to high  prices from these ripoff merchants and their yuppy polished floor board experience !!