Cain will receive an additional $1.5 million at the end of December, provided he does not leave the role before then.
However, these total payments still pale in comparison to rival supermarket boss Brad Banducci, who’s lengthy tenure at Woolworths saw him awarded $6.9 million in long-term incentives, which contributed to a total of $12.6 million in remuneration last financial year.
In the 2019 financial year, Coles’ earnings before interest and tax, excluding a range of one-off significant items, dropped 8.3 per cent to $1.34 billion. The company’s supermarkets earnings jumped 2.2 per cent, returning to full-year growth for the first time in three years.
The company did not provide any material guidance for 2020, saying only it had “more work to do” in its ambitious $1 billion cost-saving plan.