Bubs hasn’t returned JobKeeper payments but is splashing the cash for huge executive pay rises on the back of a US baby formula deal.
fly 1.25 million baby formula tins to the US on behalf of President Joe Biden’s Fly Formula Mission.
On Thursday, the same day the first baby formula flight was scheduled to take off from Melbourne’s Tullamarine Airport, Bubs slipped out an announcement stating that Lin’s salary would more than double, from $150,000 to $350,000 as of July 1.In addition, Lin’s director fees will climb 70 per cent to $170,000. That’s a $270,000 total salary increase for a chairman who will earn $520,000-a-year cash from Bubs in financial year 2023.
Notably, Bubs can splash the cash for its executives but can’t afford to pay back a single dollar of the $309,300 it took in JobKeeper payments in financial year 2021.We asked Bubs if it might now return the JobKeeper payments but didn’t receive an immediate response. In its announcement to the market it said the salary adjustments had been calculated based on median pay for comparable ASX-listed companies and as determined by an independent consultant.
To be fair, a few more share handouts won’t make that much difference, as since its 2016 initial public offer, the number of shares on issue has ballooned from 238.5 million to 612.8 million. Tom writes and comments on markets including tech, crypto, software, small caps, banking, payments, and regulation. He worked in asset management at Bank of New York Mellon and is a member of the CFA Society of the UK as an IMC graduate.
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