greed

Hows this for a brazen grab for the loot by our erstwhile management team.
Disgraceful

Sky news

http://www.skynews.com.au/business/article.aspx?id=307006

Pay rises for Pacific Brands execs
Updated: 05:14, Friday February 27, 2009

Executives at Pacific Brands gave themselves pay rises of up to 170 per cent, as they planned to sack more than 18-hundred workers.

The company's annual report reveals the package of chief executive Sue Morphet, who announced yesterday that 18-hundred-and-50 of the company's jobs will be sent off-shore, rose from $685,775 to $1.86 million last year.

It is reported this included a seven-fold rise in incentive payments, bonuses for axing jobs and came despite a 45 per cent drop in the share price in the six months before the pay rises were approved.

The paper reports the total remuneration for 13 directors more than doubled last year, from just over $7 million to $15.5 million.

Ex-CEO Paul Moore was paid almost $6 million, including his retirement package, up from less than $2 million in 2007.

A spokesman for Nick Sherry, Minister for Superannuation and Corporate Law, says the government will investigate the payments.

Pacific Brands declined to comment.