Woolies managers secure big pay rises WOOLWORTHS' top management received pay rises of up to 68 per cent over the past financial year despite the company reporting an increase in underlying net profit of just 8 per cent. The company's annual report, released to the Australian Stock Exchange yesterday, revealed chief executive Grant O'Brien took home a total of $4.77 million last financial year, a 40 per cent increase on the $3.42m the previous financial year, when he was promoted to the top job. Mr O'Brien's package included $2.12m in base salary and $2.09m in short-term bonuses, plus $527,058 in shares under the company's long-term incentive scheme. Finance director Tom Pockett wasn't far behind, trousering a total of $4.73m last financial year, up 68 per cent thanks to $1.56m worth of shares issued as a long-term incentive. The next-best paid was head of supermarkets Tjeerd Jegen, who collected $2.14m, including $1.08m in salary and $975,000 in short-term bonuses. His total package was almost double that of the previous year, but the comparison is distorted because he joined the company mid-way through the 2011-12 year. However, no one was even close to Coles managing director Ian McLeod, who Wesfarmers' annual report this week revealed took home $10.7m last financial year, albeit down from the bonus-inflated $14.8m he collected a year earlier. Mr McLeod's pay packet dwarfed that of his boss, Wesfarmers chief Richard Goyder, who collected $8.6m last financial year, up from $8.1m a year ealier. Things looked decidedly more frugal at furniture and electrical chain Harvey Norman, where executive chairman Gerry Harvey took a $5700 pay cut to $1.029m as his performance bonus was reduced from $285,000 to $279,300. Chief executive Katie Page took a similar trim, down $6200 to $1.794m. Net profit at Harvey Norman fell by 17.5 per cent to $142m last financial year, following a 32 per cent slump the year before. Meanwhile at department store David Jones, chief Paul Zahra received an 8 per cent pay rise to $2.47m.