Meet the Aussie executive who makes $1 million a week at the company dubbed the ‘millionaires factory’
- The director of Macquarie Bank earned $57.6 million in 2023
- He earned nearly double what his CEO earned this year
An executive of “millionaires’ factory” Macquarie Bank has made more than $1 million in just a week – and his skyrocketing earnings put even his CEO to shame.
Nick O’Kane, Macquarie’s global head of commodities and markets, earned a staggering $57.6 million in total compensation in the bank’s fiscal year 2023.
That was almost 50 percent more than he earned in 2022, when he still had a salary package worth a whopping $ 36.2 million, according to the bank’s annual report.
By comparison, its CEO Shemara Wikramanayake’s total ‘pay’ for 2023 was only $32.8 million, compared to $25.8 million in 2022.
The huge payouts came as the Sydney-based global financial services firm posted a record $5.2 billion profit for the year.
Nick O’Kane (pictured), Macquarie’s global head of commodities and markets, earned a staggering $57.6 million in total compensation in the bank’s fiscal year 2023
CEO Shemara Wikramanayake’s (pictured) earned just $32.8 million by comparison, up from $25.8 million in 2022
The bulk of Mr. O’Kane’s awarded salary was a $39.8 million retained earnings share, a rolling program paid over seven years.
That was nearly double his $21.3 million retained earnings share in 2022.
His base pay was very modest by comparison at just $723,419 in 2023, only $98 higher than his base salary of $723,321 in 2022.
But he also took home an available profit share of $17 million, up from $14 million last year.
Ms. Wikramanayake’s base salary was $821,081.
The massive salary package recognizes that Mr. O’Kane’s department had played a key role in driving profits up 10 percent year over year, despite a tough market.
Mr O’Kane, who joined Macquarie in 1995, is now expected to be, or very close to, the highest earner of any Australian stock exchange executive.
The bank earned its nickname “millionaire’s factory” because of its generous pay and bonus structure over the past 20 years, but it insists that all rewards are performance-related.
Macquarie Bank (pictured) earned the nickname “millionaire’s factory” for its generous pay and bonus structure over the last 20 years, but insists that pay is all performance-related
“I think if you have an idea, and it’s a great idea, take it to management, articulate what that idea is and go for it,” Mr O’Kane said on the bank’s website.
‘Because at Macquarie we are the type of organization where we tend to say yes.
“When you have a great idea, you get a chance to pursue that idea and build a business and you never know where that could lead.”