Metcash chief Steven Cain drops bonuses
Supermarket wholesaler’s boss Steven Cain, who resigned from Metcash in May, will walk away minus the short-term and long-term incentives he was otherwise entitled to.
In the company’s annual financial report, Cain will be forgoing about $2.25 million of the various long-term incentives along with some short-term bonuses. He will also be missing out on the sign-on bonuses the company was supposed to give to him if he remains in his role for three years.
“The grant was issued in FY16 to provide an incentive for Cain to accept Metcash’s employment offer, retail his services for three years from commencement of employment and to provide an incentive to successfully execute the Metcash Supermarkets business turnaround,” the financial report stated.
“The grant was divided into two components: sign-on and retention component and performance component. Cain’s grant was forfeited following Cain’s resignation as CEO supermarkets and convenience. Share-based payment expenses of $659,351 recognised in FY16 and FY17 were reversed in FY18.
“The board applied its discretion not to keep his long-term incentive on foot,” according to the annual report referring to the long-term incentive grant stipulated in Cain’s employment contract.
Cain joined Metcash in August 2015 and resigned from the company in March this year. He will be leaving the company this September. Cain will succeed Coles’ managing director John Durkan who will step down later this year.