28 Sep 2011

$3m golden handshake for former PGG Wrightson boss

12:48 pm on 28 September 2011

Mr Miles left suddenly in October last year, and in its annual report, PGG Wrightson reveals his remuneration included a $3 million termination payout.

His three-year tenure coincided with the international downturn and global financial crisis, which hit PGG Wrightson particularly hard because it built up a huge debt mountain pursuing its expansion plans.

Mr Miles oversaw a $250 million recapitalisation of the company that included PGG Wrightson acquiring a new major shareholder, China-based Agria, which now owns half the company.

However the company's performance has suffered, and it lost nearly $31 million last year.

When Mr Miles left abruptly last year, PGG Wrightson noted his role had changed from when he'd first joined, which also included reducing its operating divisions from three to two.

Mr Miles was paid $4.3 million in total including a base salary of $615,000, a short term incentive of $703,000 and a $3 million golden handshake.

PGG Wrightson shares lost about 60% during Mr Miles time as managing director.