|Issue No 29||03 September 1999|
Telstra Execs Doing Quite Well, Thank You
While Telstra continue to slash staff, their executives are doing nicely, with big base salaries supplemented by share options ensuring at least some in the organisation are benefiting from partial privatisation.
With new laws forcing Telstra to reveal some salaries in the annual accounts, the CEPU has circulated the information to long-suffering members within the organisation.
"There are some interesting pay rises while we all tighten our belts," national vice president Dan Dwyer says,.
CEO Ziggy Switkowski, who has only been there since March 1, received $1,173,836 for driving the ship through to June. Outgoing boss Frank Blount was paid a mere $3,700,000 for the nine months. "A nice boost to the economy of USA," Dwyer says.
Other executives were also on a good wicket. Paul Rizzo earned $1,080,000 plus a long term bonus of $207,000, Doug Campbell managed $1,010,000, Gerry Moriarty snared $ 997,420 while Peter Shore limped away with $939,253
Dwyer says Telstra's senior staff received at least a 20 per cent pay increase a few months ago and up to 40 per cent of their salaries are linked to share price and dividends and performance. If you compare the figures with last year, some got an increase of over $200,000.
During the last year, Telstra proudly announced that 4,500 Australians lost their job with the company. The stock market usually loves sackings, and rewards those clever executives with a higher share price - further boosting their income.
These big pay rises do not come easy and have to be paid for. So last week, Paul Rizzo was reported in the SMH stating that Telstra was to begin "another generation of cost cuts"
The figures estimated by the SMH was a reduction of 12,000 staff from 53,000 to 35,000. That means that just over one in four staff need to be shot this year.
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Interview: Net Benefits
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International: Dateline Dili
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Unions: Secret Herbs and Spices
Read KFC worker Claire Hamilton's speech to last week's Second Wave Rally.
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Labour Review: What's New at the Information Centre
Our regular update on papers and articles for union officials and students.
History: Immigration, Racism and the Labour Movement
An upcoming conference asks some hard questions about the politics of immigration.
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Review: Trains of Treasure
A new CD of poems and songs pays tribute to our rich locomotive history.
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Last Modified: 15 Nov 2005