macquarie boss leaves with 50mn

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Macquarie boss leaves with $50m

By Kate Perry

May 20, 2008 10:18am
Article from: NEWS.com.au

ALAN Moss, the man who turned Macquarie Group into the millionaires' factory, is set to walk away from the group with $50 million when he retires later this month.

He will take home $24.8 million in salary and share-based bonus payments and options, down from $33.5 million last year. He will also be paid out retained benefits of $25 million, but will not receive an extra retirement package.

Not including the retained benefits, Mr Moss’ income of $24.8 million is about 450 times that of the average Australian annual wage of $58,448.

Under Macquarie’s pay policy just 3 per cent of Mr Moss’ income is fixed. His salary and superannuation for the year was $670,928 and the rest of his payout was performance related.

Big guns take home bacon

Mr Moss’ successor in the CEO role, Nicholas Moore, pulled in $26.7 million for the year, down from the $32.9 million he earned last year.

Mr Moss will retire on May 24.

Macquarie today reported a record net profit for the year ended March 31, of $1.803 billion up 23 per cent on the previous year.

Shareholders will receive a final dividend of $2, taking the total payout for the year to $3.45, up 10 per cent from fiscal 2007.

Despite a tough year for the financial services industry, Macquarie reported growth in its equities business and investment banking. Total assets under management increased by 18 per cent to $232 billion.

The company's net fee and commission income rose 31 per cent to $4.6 billion, as assets under management increased 18 per cent to $232 billion.

Macquarie shares were trading at $66.10 just after the market opened this morning, down from its peak of $100, reached before August last year.