CBH chief Jimmy Wilson to pocket $400k bonus as he nears three-year milestone and extends contract.

CBH chief executive Jimmy Wilson is staying on at the grain handler with a new employment contract and a $400,000 bonus. CBH confirmed yesterday that having nearly completed his agreed three-year term, the former BHP iron ore boss’ contract had been renewed with no fixed term, in line with the rest of the management team. According to the company’s annual report, the $400,000 long-term incentive and retention bonus will be paid in September and rewards the completion of his three-year contract and “the creation of grower value over sustained periods of time”. It said such bonuses were “designed to ensure an optimal balance between short and longer-term business performance”. Mr Wilson took the reins of CBH in October 2017, replacing long-standing predecessor Andy Crane. September’s long-term bonus is on top of his annual $895,000 base salary. In the year ending September, Mr Wilson also earned 65 per cent, or $582,000, of a potential $895,000 short-term bonus, even though the co-operative posted its first loss in eight years. Superannuation and other benefits were also paid to Mr Wilson. More recently, he has led CBH during a board rift which threatened to tear the co-operative apart. The turmoil started amid leaked revelations that chairman Wally Newman was counselled after complaints he used inappropriate language at a grain industry event. The reputational problem escalated when board member Trevor Badger was accused of allegedly disclosing the identity of the woman involved. That resulted in growers at a special general meeting voting by a narrow margin to remove Mr Badger from the board for breaching confidence. In the wake of turmoil, CBH chairman Simon Stead has announced the group would review its governance structure. CBH lost $29.7 million last financial year. The result was driven by a $119.3 million loss by its marketing and trading division and came despite CBH recording its second-biggest harvest on record at 16.4 million tonnes.