Murray & Roberts Doubles CEO Bruce’s Pay in Year of Retirement
Murray & Roberts Holdings Ltd. (MUR), South Africa’s second-largest construction company, more than doubled Chief Executive Officer Brian Bruce’s fiscal 2011 pay as he retired and the company had a loss.
Bruce earned 10.2 million rand ($1.3 million) in the 12 months through June, including a base salary of 4.85 million rand and an additional 4.85 million-rand guaranteed contract payment, according to the Johannesburg-based company’s annual report posted on its website. Bruce was paid 4.9 million rand a year earlier.
Former Financial Director Roger Rees received a 52 percent increase to 7.7 million rand. The builder said Feb. 23 that both men would retire by the end of June after 11 years in their posts.
The company, which helped build the Gautrain rapid-rail that links Johannesburg and Pretoria, reported a net loss of 1.74 billion rand for the year through June, compared with profit of 1.1 billion rand a year earlier. It halted dividends, citing the company’s “liquidity position.”
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