8/31/2008Virginians Pay Australian Toll CEO Salary
Virginia motorists paid $13.7 million in tolls to an Australian company that paid its former CEO $14.3 million.
It took more than a year's worth of toll revenue on a Virginia highway just to pay a single employee of an Australian firm. Last year, Virginia motorists handed the Melbourne-based company that operates the Pocahontas Parkway near Richmond a total of $13.7 million in tolls and fees. The amount reflected a significant increase over the previous year as Transurban raised toll rates steeply in January, but it failed to cover the salary of CEO Kim Edwards who pocketed $9.2 million in bonuses and $5.2 million in termination benefits for his departure from the company in April. Combined with his salary, his total payout was A$16,664,532 (US $14,316,553).
Now that Edwards is gone, Virginia tolls do not even cover the multi-million dollar compensation packages offered to Transurban's top six executives. New CEO Chris Lynch takes the largest share with $3,839,783 in compensation. The other seven-figure employees take home the following in pay and other benefits:
- North America President Michael Kulper, $3,056,337
- Chief Financial Officer Chris Brant, $2,289,561
- Chief Operating Officer Brendan Bourke, $2,245,434
- Executive Vice President Ken Daley, $1,917,822
- Group General Manager P O'Shea, $1,764,101
- Total Compensation for key management: $34,651,427