Thanks Paul, here's $1.5m for your efforts

Toll Managing Director Paul Little will receive more than $1.5 million upon leaving the business on January 1 next year

Thanks Paul, here's $1.5m for your efforts
Thanks Paul, here’s $1.5m for your efforts
October 21, 2011

Outgoing Toll Managing Director Paul Little will be given more than $1.5 million when he leaves the business on January 1 next year.

Toll today announced it would pay Little a $1.255 million cessation payment and a $250,000 restraint payment which prevents him from working for Toll’s rivals for at least one year.

Toll, which appointed former BHP and Bluescope executive Brian Kruger to take over as the managing director, says the payments recognise Little’s 26-year contribution to the transport and logistics firm.

"Paul Little has led the transformation of a small trucking company which employed 125 people in 1986 to a multinational company employing around 45,000 people in 55 countries," Chairman Ray Horsburgh says.

Toll says it sought input from external consultants and considered shareholders’ interests when deciding on the $1.5 million figure.

Horsburgh says Toll will recognise Little’s achievements when it holds its annual general meeting on October 26 in Melbourne.

Little will continue to represent the company on its Singapore Government Business board and provide advice when needed to Kruger throughout 2012. Little will be paid $125,000 per month for both roles.

The company announced in August that Kruger would replace Little. Joining Toll in July 2009, Kruger began a four-month stint as managing director-elect on September 1.

Correction: The original report stated Paul Little would receive a $250 million restraint payment. The correct figure is $250,000

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