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Telstra CEO paid $2 million with no overtime

David Thodey's remuneration is outlined in a contract submitted to the ASX

Freshly crowned Telstra CEO, David Thodey, will earn $2 million a year in his new role.

Formerly the CEO of IBM, Thodey’s appointment was announced in early May.

Thodey’s contract was submitted to the Australian Stock Exchange (ASX) detailing the responsibilities, earnings and incentives for the CEO. The document stated the base salary is $2 million and he will not be entitled to overtime or penalty payments. He may also be required to work public holidays which is already compensated in his pay package.

If Thodey does satisfy “target hurdles”, then he will be eligible to receive a short-term incentive of 80 per cent of his base pay but that can be bumped up to a maximum of 160 per cent.

As for long-term incentives, Thodey can receive a grant at the maximum of 200 per cent of the total fixed remuneration determined by conditions set by Telstra’s board.

Reports have revealed Telstra’s former head honcho, Sol Trujillo, who has returned to the US was paid $3 million annually with short-term and long-term incentives laid on top.

The contract also states that the telco (ASX: TLS) may withdraw the salary package at anytime with absolute discretion.

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More about: Australian Stock Exchange, IBM, Telstra
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