New female mining boss earning half a million less than predecessor

Elizabeth Gaines officially commenced as CEO of Fortescue on Monday.

Her appointment to the role late last year marked a significant win for the proportion of women leading ASX 200 companies, which can’t seem to crack the 5% mark.

But, like with Australia Post’s new CEO Christine Holgate’s remuneration package, it seems Gaines will take home less in base pay and total remuneration than her predecessor.

According to Fairfax papers today, Gaines’ base pay is half a million less than the $2 million her predecessor Nev Power earned. Her total remuneration package also falls well short of Power, totalling out at $5.5 million compared to Power’s $7.25 million.

Interestingly, Australia Post and Fortescue share one other key thing in common: their boards are now both majority female.

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