Kiwi exec to walk with $31.7 million

Mincom's CEO rewarded with bumper payout

New Zealand executive Richard Mathews will leave his job of three years at Australian software company Mincom with a A$26.8 million (NZ$31.7 million) paycheque.

"Look, I've done very well," he told the Australian Financial Review. "It's the best IT job in the country, but I earned it."

Mathews quits his chief executive job less than a year after engineering a A$315 million buyout of the resources software developer by private equity house Francisco Partners. He will leave Mincom is six months' time.

The 43-year-old, who led ERP software vendor JD Edwards to considerable success in New Zealand during the 1990s, earned $4.8 million last year.

Mincom was seen as a company on the ropes just four years ago. But rather than take a defensive posture, Mathews went all out to sell Mincom's specialised products in the rapidly-growing, if risky, minerals markets of Russia, Mongolia, Iran and Central and Latin America, where its larger American and European rivals feared to tread.

Mincom posted a full-year profit of A$22.2 million for the year ended 30 June on revenue of $220 million. Today, more than 50% of Mincom's revenue derives from exported software.

— Australian Financial Review

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