NZX CEO Pay Intelligence 2026
Which universities produce the highest-paid CEOs? Do IoD credentials translate to shareholder returns? Does CEO tenure predict stock performance? We analyse 110 CEO compensation packages across every dimension the data allows.
Key Findings
- CEOs with disclosed university education earn a median of $1.13M vs $650K for those without — a 74% premium.
- CEOs with elite credentials (Harvard/Stanford/Wharton/Oxford or IoD Chartered Fellow) earn a 1% premium over others — but their companies do not consistently outperform.
- 12 CEOs hold IoD designations. Interestingly, non-holders earn more at the median. Their companies average -21.9% 1Y TSR vs 18.3% for non-holders.
- Only 5 of 110 NZX CEOs are women (5%). The median gender pay gap is -52% (male: $1.09M, female: $1.65M).
- The 0-2 years tenure cohort delivers the strongest average 1Y TSR at 76.9%, with median pay of $1.0M.
- 11 CEOs earn above-median pay while their company has negative ROE — the "pay-for-failure" cohort.
- Conversely, 9 CEOs deliver ROE above 15% while earning below the median — the market's bargain executives.
- The longest-serving current NZX CEO is Rod Duke (BGP) at 38 years.
The University Premium
Of the 110 CEOs analysed, 71 have disclosed university education in their biographies. We classify these into tiers and analyse the pay differential.
Pay by University Tier
| University Tier | CEOs | Median Pay | Average Pay | vs Overall Median |
|---|---|---|---|---|
| Other NZ | 1 | $2.6M | $2.6M | +140% |
| Australian Group of Eight | 5 | $1.6M | $3.3M | +50% |
| NZ Major | 43 | $1.1M | $1.4M | +3% |
| Elite International | 8 | $1.1M | $1.3M | +1% |
| Other International | 21 | $1.0M | $1.2M | -8% |
| No university disclosed | 39 | $650K | $1.3M | -40% |
"Elite International" includes Harvard, Stanford, Wharton, Oxford, Cambridge, INSEAD. "NZ Major" includes UoA, Massey, Canterbury, Otago, Victoria, Waikato, AUT, Lincoln. "Australian Group of Eight" includes Melbourne, Sydney, ANU, Queensland, Monash, UNSW, UWA, Adelaide — Australia's Group of Eight research universities. Some CEOs appear in multiple tiers if they attended universities in different tiers.
Pay by University (2+ CEOs)
| University | CEOs | Median Pay | Highest | Companies |
|---|---|---|---|---|
 University of Melbourne | 2 | $5.0M | $8.3M | ATM, MCY |
 Massey University | 6 | $1.8M | $3.9M | WCO, PCT, AIA, CVT, VSL, PGW |
 Deakin University | 2 | $1.6M | $2.7M | DOW, AOF |
 Imperial College London | 2 | $1.6M | $2.0M | IKE, SPG |
 INSEAD | 3 | $1.4M | $2.1M | VNT, AIA, AFI |
 University of Waikato | 4 | $1.3M | $2.2M | TGG, GNE, MOV, FRW |
 University of Canterbury | 5 | $1.2M | $1.6M | GEN, ALF, SKT, PFI, STU |
 University of Auckland | 20 | $1.2M | $5.3M | ARG, WCO, PEB, PEB, TRA, TRA, VHP, GNZ, HGH, FPH, MEL, DGL, NPH, SPK, SMI, VGL, ANZ, GXH, MCY, RBD |
 Wharton School (UPenn) | 2 | $1.1M | $1.2M | VCT, NZM |
 Victoria University of Wellington | 6 | $1.1M | $3.9M | MFB, BPG, THL, VSL, NZX, SUM |
 Cranfield University | 2 | $1.1M | $1.5M | FBU, NZK |
 University of Otago | 7 | $721K | $1.1M | AFT, SAN, CMO, CMO, LIC, RAD, CHI |
 Harvard University | 2 | $656K | $656K | ALF, ALF |
The IoD Effect
The Institute of Directors NZ offers three tiers of designation: Member (MInstD), Chartered Member (CMInstD), and Chartered Fellow (CFInstD). Does holding one correlate with higher pay — or better results?
Pay by IoD Designation Level
| Designation | Level | CEOs | Median Pay |
|---|---|---|---|
| CMInstD | Chartered Member | 4 | $1.6M |
| MInstD | Member | 8 | $995K |
The Gender Question
Of 110 NZX CEOs with compensation data, 5 are women (5%) and 94 are men. 11 have undisclosed gender.
Female NZX CEOs
| Company | CEO | Sector | Total Pay | ROE | 1Y TSR |
|---|---|---|---|---|---|
| Carrie Hurihanganui | Industrials | $2.14M | 4.0% | -3.0% | |
| Naomi James | Healthcare | $2.08M | -4.2% | -33.9% | |
| Sophie Moloney | Communication Services | $1.65M | 12.7% | +24.5% | |
| Jolie Hodson | Communication Services | $1.30M | 17.1% | -7.9% | |
| Rachael Newfield | Healthcare | $895K | 13.6% | +46.8% |
Gender determined from annual reports and public biographical information. Not all CEOs have disclosed gender in available data sources.
Tenure vs Performance
Does a longer-serving CEO produce better shareholder outcomes? We analyse 77 CEOs with tenure data across four cohorts, overlaying pay, ROE, and total shareholder return.
Pay and Returns by CEO Tenure
| Tenure | CEOs | Median Pay | Avg Pay | Avg 1Y TSR | Avg ROE |
|---|---|---|---|---|---|
| 0-2 years | 24 | $1.0M | $1.2M | +76.9% | 4.3% |
| 3-5 years | 22 | $664K | $1.4M | -4.7% | -20.9% |
| 6-10 years | 15 | $1.2M | $1.6M | -1.3% | 10.1% |
| 10+ years | 19 | $1.2M | $1.5M | -6.4% | 1.0% |
Tenure calculated from the earliest year the CEO appears in annual report disclosures. Some CEOs may have started before our data coverage begins (2010).
Longest-Serving Current NZX CEOs
| # | Company | CEO | Tenure | Total Pay |
|---|---|---|---|---|
| 1 | Rod Duke | 38 yrs | $1.77M | |
| 2 | Dr Hartley Atkinson | 29 yrs | $1.09M | |
| 3 | Don Braid | 26 yrs | $3.26M | |
| 4 | Michael Franks | 20 yrs | $1.00M | |
| 5 | Darrin Grafton | 19 yrs | $1.49M | |
| 6 | Josef Roberts | 19 yrs | $770K | |
| 7 | Simon Mackenzie | 18 yrs | $1.00M | |
| 8 | Grant Webster | 18 yrs | $1.00M | |
| 9 | Peter Mence | 17 yrs | $1.55M | |
| 10 | Scott Pritchard | 16 yrs | $2.45M |
The Credentials Paradox
Do elite credentials — Ivy League or Oxbridge degrees, or IoD Chartered Fellow status — translate to superior shareholder outcomes? Or do they primarily translate to higher pay?
Despite commanding a 1% pay premium, CEOs with elite credentials do not deliver superior shareholder returns in this dataset (avg 1Y TSR: -2.8% vs 15.2% for non-elite). This echoes the broader "credentials paradox" observed in NZX board data: the most credentialed boards tend to underperform the least credentialed. Boards and shareholders may want to consider whether they are paying for credentials or for results.
Note: Correlation does not imply causation. CEO performance depends on many factors including market conditions, sector dynamics, board support, and strategic context. Small sample sizes limit statistical significance.
Pay-for-Performance Alignment
Above-Median Pay, Negative ROE (11)
CEOs earning above the median ($1.1M) while their company reported negative ROE.
Negative returns may reflect market conditions, sector trends, or strategic investments. Compensation may reflect multi-year contracts or non-financial KPIs.
| Company | CEO | Tenure | Total Pay | ROE | 1Y TSR |
|---|---|---|---|---|---|
| Greg Foran | — | $2.77M | -14.4% | -33.6% | |
| Mike Roan | 1y | $2.47M | -5.1% | -0.2% | |
| Scott Pritchard | 16y | $2.45M | -0.4% | -14.9% | |
| Antony Mark Turnbull | — | $2.42M | -1.3% | +3.4% | |
| Naomi James | 2y | $2.08M | -4.2% | -33.9% | |
| Grant Watson | — | $1.72M | -5.0% | -13.3% | |
| Darrin Grafton | 19y | $1.49M | -22.0% | -56.5% | |
| Mark Malpass | — | $1.25M | -13.4% | -55.7% | |
| Peter Meintjes | 4y | $1.20M | -335.7% | +14.6% | |
| Sinan Altug | — | $1.13M | -3.8% | +82.4% | |
| Justin Birch | — | $1.09M | -6.3% | -46.3% |
High Performance, Lower Compensation (9)
CEOs delivering ROE above 15% while earning below the median ($1.1M).
| Company | CEO | Tenure | Total Pay | ROE | 1Y TSR |
|---|---|---|---|---|---|
| Stephen Sinclair | 2y | $145K | 106.0% | +42.4% | |
| Tony Wai | — | $225K | 56.1% | -8.7% | |
| Dean Banks | — | $1.00M | 48.5% | +22.1% | |
| Christopher James Kinraid | — | $945K | 35.3% | +55.3% | |
| Matthew Geoffrey Hill | — | $288K | 25.9% | -65.0% | |
| Andy Borland | — | $650K | 25.8% | +11.2% | |
| Nigel Gear | 9y | $550K | 20.0% | -8.6% | |
| Mark Peterson | 9y | $1.04M | 17.6% | +7.7% | |
| Josef Roberts | 19y | $770K | 16.6% | -2.9% |
Complete CEO Compensation Table
All 110 CEOs ranked by total compensation, with every dimension surfaced.
| # | Company | CEO | Pay | 1Y TSR |
|---|---|---|---|---|
| 1 | Theo Spierings | $8.3M | +68.9% | |
| 2 | David Bortolussi | $8.3M | -7.7% | |
| 3 | John Cullity | $6.4M | -18.4% | |
| 4 | Miles Hurrell | $6.1M | +48.5% | |
| 5 | Shayne Elliott | $5.3M | +13.2% | |
| 6 | Lewis Gradon | $5.1M | +25.3% | |
| 7 | Rhys Jones | $3.9M | -11.3% | |
| 8 | Don Braid | $3.3M | +5.6% | |
| 9 | Mike Fuge | $2.8M | -6.7% | |
| 10 | Greg Foran | $2.8M | -33.6% | |
| 11 | Peter Tompkins | $2.7M | — | |
| 12 | Jason Walbridge | $2.6M | -26.0% | |
| 13 | Leonard Sampson | $2.6M | +8.4% | |
| 14 | Mike Roan | $2.5M | -0.2% | |
| 15 | Scott Pritchard | $2.5M | -14.9% | |
| 16 | Antony Mark Turnbull | $2.4M | +3.4% | |
| 17 | Malcolm Johns | $2.2M | +2.4% | |
| 18 | Carrie Hurihanganui | $2.1M | -3.0% | |
| 19 | Naomi James | $2.1M | -33.9% | |
| 20 | Mark Aue | $2.0M | -7.4% | |
| 21 | Chris Meehan | $2.0M | -40.2% | |
| 22 | Glenn Milnes | $2.0M | +2.0% | |
| 23 | Rod Duke | $1.8M | -9.9% | |
| 24 | Clive Mackenzie | $1.7M | -8.5% | |
| 25 | Daniel Bracken | $1.7M | -6.9% | |
| 26 | Gary Miles | $1.7M | -43.8% | |
| 27 | Stuart Dickinson | $1.7M | +44.7% | |
| 28 | Grant Watson | $1.7M | -13.3% | |
| 29 | Sophie Moloney | $1.6M | +24.5% | |
| 30 | Mark Troughear | $1.6M | -14.7% | |
| 31 | Stewart Hamilton | $1.6M | +8.1% | |
| 32 | Peter Mence | $1.6M | -10.0% | |
| 33 | Scott Scoullar | $1.5M | -37.5% | |
| 34 | Darrin Grafton | $1.5M | -56.5% | |
| 35 | Andrew Reding | $1.5M | -12.1% | |
| 36 | Mark Freeman | $1.4M | +18.9% | |
| 37 | Stephen Guerin | $1.4M | +0.4% | |
| 38 | Graham Leaming | $1.4M | +41.4% | |
| 39 | James Spence | $1.4M | +1.8% | |
| 40 | Jolie Hodson | $1.3M | -7.9% | |
| 41 | Paul Johnston | $1.3M | +10.9% | |
| 42 | Mark Malpass | $1.2M | -55.7% | |
| 43 | Simon Woodhams | $1.2M | +0.5% | |
| 44 | Peter Meintjes | $1.2M | +14.6% | |
| 45 | Philip Littlewood | $1.2M | -9.5% | |
| 46 | Michael Boggs | $1.2M | -3.6% | |
| 47 | Steven Carden | $1.2M | +5.0% | |
| 48 | Brent Pattison | $1.2M | -20.0% | |
| 49 | Todd Hunter | $1.2M | -9.0% | |
| 50 | Sinan Altug | $1.1M | +82.4% | |
| 51 | Mike Christman | $1.1M | -0.7% | |
| 52 | Mark Winter | $1.1M | +29.9% | |
| 53 | Arif Khan | $1.1M | +42.3% | |
| 54 | Dr Hartley Atkinson | $1.1M | +21.5% | |
| 55 | Justin Birch | $1.1M | -46.3% | |
| 56 | David Kenneson | $1.1M | -7.1% | |
| 57 | David Mair | $1.1M | -18.6% | |
| 58 | Mark Peterson | $1.0M | +7.7% | |
| 59 | Brentley Scrimshaw | $1.0M | -50.0% | |
| 60 | Mark Stirton | $1.0M | -11.5% | |
| 61 | Simon Mackenzie | $1.0M | -0.6% | |
| 62 | Anthony Miller | $1.0M | -4.1% | |
| 63 | Dean Banks | $1.0M | +22.1% | |
| 64 | Michael Franks | $1.0M | +24.8% | |
| 65 | Grant Webster | $1.0M | +17.5% | |
| 66 | Gareth Edgecombe | $1.0M | -15.7% | |
| 67 | Christopher James Kinraid | $945K | +55.3% | |
| 68 | Nick Lissette | $935K | -78.6% | |
| 69 | Todd Dawson | $913K | -0.5% | |
| 70 | Rachael Newfield | $895K | +46.8% | |
| 71 | Andrew Dixson | $811K | +3.6% | |
| 72 | Josef Roberts | $770K | -2.9% | |
| 73 | Alexander Peter Gibbons | $721K | -11.3% | |
| 74 | Carl Carrington | $671K | +17.1% | |
| 75 | Karl Gradon | $660K | +18.8% | |
| 76 | Richard Milsom | $656K | -18.0% | |
| 77 | David Chin | $653K | +23.3% | |
| 78 | Andy Borland | $650K | +11.2% | |
| 79 | Paul Millward | $634K | -34.5% | |
| 80 | Scott Johnson | $606K | +44.4% | |
| 81 | Chris Adams | $602K | -5.6% | |
| 82 | Andrew Peskett | $573K | +7.0% | |
| 83 | Greg Smith | $572K | -14.7% | |
| 84 | Rob Buchanan | $570K | +27.5% | |
| 85 | Stuart Harrison | $563K | -12.8% | |
| 86 | Nigel Gear | $550K | -8.6% | |
| 87 | Jason Cherrington | $528K | -46.0% | |
| 88 | Lucien Law | $525K | -11.6% | |
| 89 | Greg Balla | $500K | -45.7% | |
| 90 | Jason Adams | $482K | -22.6% | |
| 91 | Simon Bennett | $480K | +2028.2% | |
| 92 | Kerry Hitchcock | $462K | -11.7% | |
| 93 | Brent Douglas King | $459K | +3.2% | |
| 94 | Albertus Johannes Smith | $437K | -45.8% | |
| 95 | Aiden Keegan | $427K | -43.1% | |
| 96 | Asantha Wijeyeratne | $426K | -27.7% | |
| 97 | Damian Spring | $420K | -57.2% | |
| 98 | Ronald Baskind | $411K | -18.0% | |
| 99 | Yusuke Sena | $411K | +48.9% | |
| 100 | Mark Hume Thornton | $292K | -13.7% | |
| 101 | Roger Gower | $291K | -41.7% | |
| 102 | Matthew Geoffrey Hill | $288K | -65.0% | |
| 103 | Tony Wai | $225K | -8.7% | |
| 104 | Paul Naske | $221K | -6.3% | |
| 105 | Edmond Capcelea | $209K | -41.2% | |
| 106 | Paul Forno | $188K | -83.3% | |
| 107 | CEO (Retired) | $156K | -12.5% | |
| 108 | Stephen Sinclair | $145K | +42.4% | |
| 109 | Stuart Bilbrough | $130K | +42.4% | |
| 110 | Colin Randall | $117K | -36.7% |
Methodology
Scope: 110 NZX-listed companies with disclosed CEO compensation. Data sourced from annual reports filed with the NZX as at 19 October 2026.
University data: Extracted from director biographies via AI (Claude Haiku). Normalised to canonical names via NZXplorer's university normalization engine (70+ mappings). Tier classification: "Elite International" (Ivy League, Oxbridge, INSEAD, LBS), "NZ Major" (8 NZ universities), "Australian Go8" (Group of Eight), "Other". Coverage: 71 of 110 CEOs (65%).
IoD designations: Classified from biographies using regex pattern matching. Three tiers: Member (MInstD), Chartered Member (CMInstD), Chartered Fellow (CFInstD). Coverage: 12 CEOs (11%).
Gender: Determined from annual reports and public biographical information. Coverage: 99 of 110 (90%).
CEO tenure: Calculated from earliest appearance in NZX management team disclosures. Data coverage begins ~2010 for most companies. 77 CEOs with tenure data (70%).
Total shareholder return (TSR): Trailing 1-year and 3-year returns including dividends and price appreciation.
Limitations: University and IoD data depends on biography disclosure quality. Compensation normalisation handles $000s variants but automated extraction may occasionally miscategorise components. Small cohort sizes limit statistical significance for some comparisons. Correlation does not imply causation.
2026 edition, published 20 October 2026; figures frozen from a snapshot taken 20 October 2026 of data last updated 19 October 2026 by NZXplorer. For informational purposes only. Not investment or financial advice. If you believe any data is incorrect, contact hello@nzxplorer.co.nz.
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Data sourced from NZX annual reports, director biographies, and executive compensation disclosures. Our datasets may not be complete. Automated analysis can produce errors. Scores are calculated using disclosed methodology and are analytical tools, not investment ratings or recommendations. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz.
For informational purposes only. Not investment advice.