Boral boss’s golden handshake

Mark Selway, the former CEO of Boral, has been given a $1.89 million termination payment and a total remuneration of over $7 million for the 2012 financial year, The Australian reports.

Selway, who is believed to have lost the confidence of the board and whose departure was announced in May, was hired in January 2010. He will take away a total of $7.35 million, according to The Australian, including salary, termination payment and share payments.

Boral announced a 5 per cent boost to its net profit in August for the last financial year, amid a period of slow construction activity.

The company’s USA boss Mike Kane was announced as its new CEO earlier in the month, replacing interim CEO Ross Batstone. He has suggested that he plans to continue Selway’s strategy of divesting Boral’s non-core assets.

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