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The former chief executive of Leighton Holdings Limited (ASX:LEI), Wal King, is going to receive a severance package with up to $30 million, as revealed in the company’s annual report.



King was paid a $12.6 million fixed retirement benefit; $4.9 million over a three-year restraint period; and was locked in to a $6 million consultancy arrangement over the same period.



Fairfax Media said he was also paid $2.75 million for his final six months at the company, but didn’t get a performance bonus because of the company's poor profit result.



He was replaced by David Stewart, who lasted eight months before being replaced by Hamish Tyrwhitt last month.



Leighton Holdings Limited (ASX:LEI) reported a net loss of $406 million for the year to June.