Queenstown Airport CEO takes pay cut

New Queenstown Airport General Manager Glen Sowry has suffered a pay cut in his new role.

Figures released by Queenstown Airport Corporation show that Sowry, who started working earlier this month, has a base salary of $ 490,000 with the potential to earn an additional $ 80,000 per year in bonuses, raising his potential salary. at $ 570,000 for this fiscal year, tied with his predecessor Colin Keel, whose salary was between $ 570,000 and $ 580,000 at the time of his departure.

Sowry’s previous role was as Managing Director of Metlife Care, a retirement care company.

According to its 2020 annual report, Sowry’s total compensation for the fiscal year ended June 2020 was $ 786,555.

In his new position, his performance is linked to several things, such as the achievement of the objectives and targets of the statement of intent, including the completion of a strategic business plan with a 10-year perspective; ensure the maintenance of the stable financial performance of the airport company despite the uncertainty of Covid, preserve its basic capacity to operate vital and vital airport infrastructures and to support the recovery of the district; and open engagement with communities, shareholders, customers and the airport’s supply base.

In addition to an annual compensation review, there is a retention bonus of up to $ 100,000 if Sowry remains in office for three years.

The at-risk component of Sowry’s annual package will be formally assessed by the Board of Directors at the end of each year and paid in full, in part or not at all.

The salary package means Sowry is paid less than other GMs in similar roles at airports.

By comparison, Christchurch International Airport Ltd boss Malcolm Johns received performance bonuses of $ 100,000 and $ 80,000 in the last fiscal year, raising his salary to $ 898,640.

News from the stars announced in February that its $ 100,000 incentive, linked to a “long-term strategy that creates shareholder value,” including Tarras International Airport in central Otago, has been paid in full .

But $ 20,000 of his other $ 100,000 incentive was withheld, due to the impact of “short-term business results in the last four months of the year of Covid-19.”

Wellington Airport boss Steve Sanderson – who ran Queenstown Airport for more than four years before moving to the capital in 2012 – earns between $ 1.37 and $ 1.38 million, while the Auckland International Airport CEO Adrian Littlewood’s salary range is between $ 1.65 million and $ 1.66 million. .

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