Bernie Brookes' remuneration package swelled to $4.25 million in his final year as the boss of Myer, despite a hefty slide in profits at the department store.
Mr Brookes, who farewelled the retailer in March, received a $1.5 million termination payout on top of a 26 per cent rise in base salary to $2.34 million, Myer's annual report shows.
His total remuneration package of $4.25 million for 2014/15 trumps the $2.57 million he earned the year before.
Mr Brookes stepped down in March after almost nine years at the helm and just weeks before Myer reported a 23 per cent slide in first half profit and weaker-than-expected sales.
He had been due to depart in August 2014 but managed to negotiate a pay rise and contract extension while he led what were ultimately unsuccessful talks about a merger with rival David Jones.
His replacement, Richard Umbers, was parachuted into the top job on March 2 after about six months with the company as its chief information and supply chain officer.
He received a $590,000 bonus upon his ascension to the top job on top of a $792,129 salary, with his total remuneration for the year coming in at $1.5 million.
He was also awarded $400,000 in performance rights, which vest in 2017.
Mr Umbers is leading Myer's $600 million five-year investment plan that includes a major brand overhaul.
In September, Myer launched a $221 million share issue to help pay down debt for its investment plan.
It also bought a slice of Topshop's Australian arm and will roll out Topshop Topman in more than 20 of its department stores as a key part of a plan to turn around the business.
Myer's full year net profit dropped 69.7 per cent to $29.8 million in 2014/15.
The company expects the 2016 financial year to be a year of transition with plans to return to profit the following financial year.
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