Former Fountain CEO Theo Spears made $ 43 million during his work on the basis of a new disclosure of payments from the dairy company after the Herald's investigations.
The company revealed that the Dutchman received a stimulus payment of $ 4.67 million when he left work last August, despite Fonterra's huge financial losses.
That takes his total pay over seven years as CEO to $ 43 million.
Fonterra revealed the final payment ahead of its planned disclosure in the upcoming 2019 Annual Report, under pressure for more information triggered by a Herald report that Spierings is on the line for another payment under the historic incentive scheme.
The company said it has provided more details to its agricultural shareholders and is now expanding it to the public.
Fonterra announced an expected loss of $ 590 – $ 675 million this week, with assets writing off about $ 820 – $ 860 million. It will not pay dividends.
In a statement, Fonterra said Spierings' final payment was made under the Speed Leadership Incentive – a long-term incentive plan in place for the 2016 and 2017 financial years.
The plan was terminated.
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Employees who managed significant workflows in support of the Speed Project were eligible to participate in the incentive plan.
The payment schedule was for 50 per cent of payments at the end of FY17, with the remaining 50% postponed for two years with two payments of 25 per cent – one in GP18 and the other in GF19.
"This final 25 percent payment due to Theo Spierings was included in his final FY19 salary, which included his basic salary, length of service contributions, entitlement to vacation pay and short-term incentive payments," the company said.
The total amount of payments received in GP 19 was $ 4,673,359.
Fonterra's new long-term incentive plans were based mainly on indicators of return on equity and earnings per share, the company said.
The Council retained complete discretion on all aspects of the incentive plans.
Fonterra's latest loss forecast follows a historic first annual loss last year of $ 196 million, with a 25 percent drop in operating revenues and $ 433 million in losses from its investment in China's Bistmate.
Spierings raised $ 8 million in 2018, adding to the $ 8.3 million it received in 2017.