Harvey Norman Directors Pocket Tens Of Thousands, No JobKeeper Payback
Their company pocketed millions from JobKeeper; now the directors of Harvey Norman are putting thousands in their back pockets from share right options.
A lodgment to the ASX revealed that Gerry Harvey has exercised just over 35,000 performance rights in the company dating back to a 2015 incentive plan — worth roughly $210,000 at the stock’s last closing price.
Directors John Slack-Smith and David Ackery also almost immediately took their shares, as did CFO Chris Mentis — each netting holdings worth about $252,747.
The Australian Financial Review said of Gerry Harvey, ‘Timing is seemingly his strong suit; waiting the three months after the rights vested at the start of the year has given him a boost ahead of the scheme’s other benefactors, including partner Katie Page, who were quick to convert their rights in early January.’
There was no mention of whether the directors have had a change of heart and are going to repay the millions that Harvey Norman pocketed from JobKeeper payments.
The directors, John Slack-Smith, David Ackery, Katie Page and Chris Mentis, have defied political pressure to pay back an estimated $22 million in collected JobKeeper payments, despite the retailer’s profits having more than doubled during the pandemic.
Harvey Norman said it would pay dividends totalling $249 million, of which Harvey is set to receive $78 million due to his 31.4 per cent shareholding in the company.
“Australian taxpayers gave Harvey Norman and franchisees $22 million in JobKeeper,” Labor frontbencher Andrew Leigh said.