Chief executive of Fonterra receives 75 per cent pay rise to over $8 million

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1 NEWS

It's been revealed New Zealand's highest paid chief executive, Fonterra's Theo Spierings, received a 75 per cent pay rise last year.

Theo Spierings is New Zealand's highest paid chief executive.
Source: 1 NEWS

The company's annual result shows Mr Spierings was paid more than $8 million.

This figure equates to $160,000 a week.

Fonterra says his pay is determined by an independent committee who compare it with 24 Australian companies of a similar size and complexity.

While the company's total sales were up last year, its net profit dropped by 11 per cent to $745 million dollars.

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