* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Monday, June 23, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    Netflix unveils Dallas immersive venue for fans of hit shows like ‘Squid Game,’ ‘Stranger Things’ – Houston Chronicle

    Step Inside Netflix’s New Dallas Immersive Experience Featuring Hits Like ‘Squid Game’ and ‘Stranger Things

    ‘Puttin’ on the Ritz’: Civic Players bring ‘Young Frankenstein’ to life – Yahoo

    Civic Players Deliver a Hilarious and Unforgettable Performance of ‘Young Frankenstein

    ‘Wheel of Fortune’: Amputee Wins $60,000 After Breaking Incredible ‘Curse’ – Hastings Tribune

    Wheel of Fortune’ Amputee Breaks Incredible ‘Curse’ to Win $60,000!

    North Star Sports & Entertainment Network: Coming soon – KTTC News

    North Star Sports & Entertainment Network: Coming soon – KTTC News

    Safety concerns in Deep Ellum create apprehension as the entertainment district gains visitors – CBS News

    Safety Concerns Surge Amid Deep Ellum’s Booming Popularity and Growing Crowds

    Elisabeth Moss’ ‘Handmaid’s Tale’ Emmy chances, by the numbers – Yahoo

    Elisabeth Moss’ ‘Handmaid’s Tale’ Emmy chances, by the numbers – Yahoo

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Technology Convergence Report 2025 – The World Economic Forum

    Technology Convergence Report 2025 – The World Economic Forum

    How AI can help make cities work better for residents – MIT Technology Review

    How AI can help make cities work better for residents – MIT Technology Review

    Tech Champions with Leo Bletnitsky of Healthy Technology Solutions – Buzz Media Group

    Meet Tech Champion Leo Bletnitsky of Healthy Technology Solutions

    Crypto’s true revolution is about humanity, not technology – Cointelegraph

    Crypto’s Real Revolution: Transforming Humanity Beyond Technology

    $1 Billion Problem: New Technology Could Save Your Daily Cup of Coffee – SciTechDaily

    The $1 Billion Challenge: How New Technology Could Rescue Your Daily Cup of Coffee

    Canada’s construction industry gets serious about investing in technology as pressure mounts to do more with less – Yahoo Finance

    Canada’s Construction Industry Accelerates Tech Investments to Overcome Growing Challenges and Boost Efficiency

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    Netflix unveils Dallas immersive venue for fans of hit shows like ‘Squid Game,’ ‘Stranger Things’ – Houston Chronicle

    Step Inside Netflix’s New Dallas Immersive Experience Featuring Hits Like ‘Squid Game’ and ‘Stranger Things

    ‘Puttin’ on the Ritz’: Civic Players bring ‘Young Frankenstein’ to life – Yahoo

    Civic Players Deliver a Hilarious and Unforgettable Performance of ‘Young Frankenstein

    ‘Wheel of Fortune’: Amputee Wins $60,000 After Breaking Incredible ‘Curse’ – Hastings Tribune

    Wheel of Fortune’ Amputee Breaks Incredible ‘Curse’ to Win $60,000!

    North Star Sports & Entertainment Network: Coming soon – KTTC News

    North Star Sports & Entertainment Network: Coming soon – KTTC News

    Safety concerns in Deep Ellum create apprehension as the entertainment district gains visitors – CBS News

    Safety Concerns Surge Amid Deep Ellum’s Booming Popularity and Growing Crowds

    Elisabeth Moss’ ‘Handmaid’s Tale’ Emmy chances, by the numbers – Yahoo

    Elisabeth Moss’ ‘Handmaid’s Tale’ Emmy chances, by the numbers – Yahoo

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    Technology Convergence Report 2025 – The World Economic Forum

    Technology Convergence Report 2025 – The World Economic Forum

    How AI can help make cities work better for residents – MIT Technology Review

    How AI can help make cities work better for residents – MIT Technology Review

    Tech Champions with Leo Bletnitsky of Healthy Technology Solutions – Buzz Media Group

    Meet Tech Champion Leo Bletnitsky of Healthy Technology Solutions

    Crypto’s true revolution is about humanity, not technology – Cointelegraph

    Crypto’s Real Revolution: Transforming Humanity Beyond Technology

    $1 Billion Problem: New Technology Could Save Your Daily Cup of Coffee – SciTechDaily

    The $1 Billion Challenge: How New Technology Could Rescue Your Daily Cup of Coffee

    Canada’s construction industry gets serious about investing in technology as pressure mounts to do more with less – Yahoo Finance

    Canada’s Construction Industry Accelerates Tech Investments to Overcome Growing Challenges and Boost Efficiency

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home News

Harvey Norman executive pay strike not our fault, says Gerry Harvey

November 29, 2023
in News
Harvey Norman executive pay strike not our fault, says Gerry Harvey
Share on FacebookShare on Twitter

Harvey Norman has copped a staggering vote against executive pay as the white goods retailer posted a 7.8 per cent decline in sales over the last five months, during which consumers became more conscientious about their shopping decisions.

The overwhelming majority, some 81.8 per cent of the retailer’s shareholders, voted against the company’s remuneration report at its annual general meeting on Wednesday, where executive chairman and co-founder Gerry Harvey launched a blistering attack on a representative from a retail shareholder association.

Harvey Norman chairman Gerry Harvey launched an attack on the Australian Shareholders Association and copped a strike against its remuneration report.

Harvey Norman chairman Gerry Harvey launched an attack on the Australian Shareholders Association and copped a strike against its remuneration report.Credit: Dean Sewell

“How did you get this job?” Harvey said to former Australian Shareholders Association (ASA) chair Allan Goldin in response to questions about the remuneration report. “Can you ever be positive about anything? You’re a negative bastard,” he said to other questions about franchise operations and revenue.

ASA, a non-profit association representing retail shareholders, expressed concerns about the board’s independence and pay transparency. It did not support the remuneration report, the re-election of chief financial officer Chris Mentis, the performance rights (bonuses) of Harvey, his wife and chief executive Katie Page, executive director David Matthew Ackery, chief operating officer John Evyn Slack-Smith, and company secretary Chris Mentis.

“ASA’s major problem … is that the Remuneration Committee who created it cannot in all fairness be considered independent,” ASA said in its voting intentions report. “It was thought before the commencement of the 2023 year that there was going to be underperformance on the prior year, but to make sure that the executive directors still got a bonus in a poor year they just lowered the entry target.”

Loading

Harvey told this masthead that the company’s management should “absolutely not” bear any responsibility for the overwhelming strike against the remuneration report, arguing that its remuneration was comparatively low compared to other ASX companies. The executive pay strike is not the first for Harvey Norman: in 2019, the company suffered a second strike, but avoided a board spill.

“It’s just ridiculous,” Harvey said. “The proxy adviser should take full blame.”

Harvey Norman’s share price has not suffered from the strike or the declining sales numbers, with investors sending the share price up 3.6 per cent in afternoon trading.

The $4.6 billion white goods retailer also operates in New Zealand, Slovenia, Croatia, Ireland, Northern Ireland, Singapore and Malaysia. Australia was Harvey Norman’s worst-performing market between July 1 and November 25, with sales down 11.6 per cent along with a 2.6 per cent drop in New Zealand.

Harvey Norman opened one new store in the ACT and four new stores in Malaysia, with Harvey defending the company’s strategy to double down on investing in physical showrooms.

Harvey said the retailer’s Black Friday sales had been “very strong”, but conceded it was impacted by high traffic volumes that saw its website slow to a “snail’s pace” between 8am to 8pm on Friday.

“We lost quite a lot of online business,” he said, adding that many people who couldn’t make purchases online came into a store or phoned the customer line.

Harvey said he would be asking the IT department why the website lagged given it had received similar traffic levels in previous Black Friday and Boxing Day sales. “I don’t think it’ll happen to us again, I’ll bet anything.”

Loading

Harvey Norman tends to target the middle higher-income consumers, who tend to be older with more money to spend. Over recent months, Harvey said the average transaction price had diminished, with Australians who might normally spend $3000 on a fridge, washing machine or TV opting to spend $2000 instead.

“They are a little more careful with their dollars,” he said. “We obviously try to attack the middle-to-upper more because your average selling price is higher and your margin’s better, and you’re selling a better product … We’re spending a lot more money on our stores with presentation, so we’re concentrating strongly in that area.”

Meanwhile, online-only furniture and homewares retailer Temple & Webster released a trading update on Wednesday which showed their sales jumped 23 per cent over a similar period, with customers spending $17.4 million across the four-day period of Black Friday and Cyber Monday, representing double what they spent last year.

The digital retailer, which is popular with millennials and has become a major alternative to flat-pack giant IKEA, enjoyed a 500 per cent profit jump during the COVID pandemic-induced online shopping boom, but lost the wind in its sails when lockdowns unwound and people started spending more time outdoors.

Temple & Webster chief executive Mark Coutler argued that the online-only business would be more attractive to customers in a tougher economic environment.

“As customers feel poorer, they’re seeking more value. Online is a better value channel,” he said.

The Business Briefing newsletter delivers major stories, exclusive coverage and expert opinion. Sign up to get it every weekday morning.

Most Viewed in Business

Loading

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Brisbane Times – https://www.brisbanetimes.com.au/business/companies/harvey-norman-executive-pay-strike-not-our-fault-says-gerry-harvey-20231129-p5enqo.html?ref=rss&utm_medium=rss&utm_source=rss_feed

Tags: HarveynewsNorman
Previous Post

Perth tradie stood guard over victim of alleged machete attack

Next Post

Dodson mourns ‘divided nation’ after Voice defeat in farewell speech

Senior Thesis Spotlight: Considering facets of human psychology from a data science point of view – Princeton University

Exploring Human Psychology Through the Lens of Data Science: A Senior Thesis Spotlight

June 23, 2025
Medieval gold ring found in castle in Slovakia has rare purple sapphire imported from Sri Lanka – Live Science

Stunning Rare Purple Sapphire Unearthed in Medieval Gold Ring at Slovakian Castle

June 23, 2025
Wisconsin man’s fraud scheme funded lavish lifestyle and over 300 snowmobiles, federal charges say – WPR

Wisconsin man’s fraud scheme funded lavish lifestyle and over 300 snowmobiles, federal charges say – WPR

June 23, 2025
2025 College World Series: Scores, bracket, complete results as LSU wins eighth national title in baseball – CBS Sports

LSU Secures Epic Eighth National Baseball Championship in 2025 College World Series Thriller

June 23, 2025
Top economist who previously sounded the alarm on tariffs sees a possible scenario where Trump ‘outsmarted all of us’ – Fortune

Top Economist Raises Alarming Question: Did Trump Outsmart Everyone on Tariffs?

June 23, 2025
Universal Health Services, Inc.’s (NYSE:UHS) Intrinsic Value Is Potentially 34% Above Its Share Price – Yahoo Finance

Universal Health Services’ True Value Could Be 34% Higher Than Its Current Share Price

June 22, 2025
Millennials taking control in Prince George’s County politics – WTOP

Millennials taking control in Prince George’s County politics – WTOP

June 22, 2025
Technology Convergence Report 2025 – The World Economic Forum

Technology Convergence Report 2025 – The World Economic Forum

June 22, 2025
Kingsley Coman reveals desire to stay at Bayern Munich – Yahoo Sports

Kingsley Coman reveals desire to stay at Bayern Munich – Yahoo Sports

June 22, 2025
What role will Pope Leo XIV play in the future of Laudato Si’ ecological action? – National Catholic Reporter

What role will Pope Leo XIV play in the future of Laudato Si’ ecological action? – National Catholic Reporter

June 22, 2025

Categories

Archives

June 2025
MTWTFSS
 1
2345678
9101112131415
16171819202122
23242526272829
30 
« May    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (697)
  • Economy (712)
  • Entertainment (21,611)
  • General (15,518)
  • Health (9,753)
  • Lifestyle (717)
  • News (22,149)
  • People (715)
  • Politics (719)
  • Science (15,931)
  • Sports (21,208)
  • Technology (15,697)
  • World (692)

Recent News

Senior Thesis Spotlight: Considering facets of human psychology from a data science point of view – Princeton University

Exploring Human Psychology Through the Lens of Data Science: A Senior Thesis Spotlight

June 23, 2025
Medieval gold ring found in castle in Slovakia has rare purple sapphire imported from Sri Lanka – Live Science

Stunning Rare Purple Sapphire Unearthed in Medieval Gold Ring at Slovakian Castle

June 23, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version