The new boss of financial services group IOOF will have a base salary of $500,000 with the potential of a further $500,000 in bonuses in his first year in the job.
Tony Robinson, who joined IOOF as chief executive this month, will also be eligible for a long term bonus package of $1 million linked to his performance.
The firm has also awarded him an annual allocation of 50,000 IOOF shares, worth about $500,000, which will vest over a period of three years subject to performance.
On top of this Robinson will receive $1.5 million worth of options to be granted over three years.
Robinson's salary package is only slightly less than his predecessor Ron Dewhurst, who took home a total of $1.94 million in his last year in the job.
Dewhurst's total salary included almost $700,000 in bonuses.
Robinson, 49, was previously head of listed insurance underwriting and broking company OAMPS for five years before leaving last year when Wesfarners Group bought the firm.
IOOF net profit jumped 38 per cent to a record $14.1 million for the half-year ended 31 December 2006, driven by strong retail growth.
