Woolworths CEO Salary 2026: Amanda Bardwell's Pay and Bonuses Explained

Woolworths Group CEO Amanda Bardwell received approximately $3.88 million in remuneration in FY2026, according to the company's voluntary remuneration-received table. Yet the same annual report records $4.82 million in statutory remuneration, while her annual fixed remuneration was $2.15 million.

Those figures are not contradictory. They measure different aspects of the package. Understanding why they differ is important for anyone comparing ASX executive salaries, developing a CEO remuneration policy or reading an annual remuneration report.

This article uses Woolworths Group's official FY2026 Annual Report, released on 26 August 2026, covering the financial year ended 28 June 2026. It examines the executive remuneration framework, not the pay arrangements for Woolworths supermarket employees.

How much does the Woolworths CEO earn?

Woolworths Group disclosed the following figures for CEO Amanda Bardwell in FY2026:

These figures appear in the Remuneration Report, pages 98–121, of the Woolworths FY2026 Annual Report.

A distinction worth making is that $3.88 million represents the company's defined remuneration-received measure, not simply cash deposited in a bank account. It includes the value of deferred shares that vested. The statutory figure includes accounting expenses for share-based awards that may not have vested or been realised.

Why is the CEO's statutory remuneration $4.82 million?

Under statutory reporting, equity awards are allocated as expenses in accordance with accounting standards rather than counted only when shares vest. Other benefits and remuneration accruals may also affect the total.

Woolworths disclosed the following FY2026 statutory amounts for Bardwell:

The statutory salary line is not interchangeable with the contractual $2.15 million TFR measure. Reporting classifications, accruals and employee benefits can produce differences between the tables.

The $693,470 LTI equity accounting expense does not mean the CEO received $693,470 from a vested LTI in FY2026. In fact, the company's FY2024–FY2026 LTI award did not vest. This is one reason comparing CEOs purely on statutory totals can produce misleading conclusions.

Source: Woolworths Group FY2026 Annual Report, Section 5.1 KMP statutory disclosures.

How does Woolworths structure its CEO remuneration?

The CEO package has three main elements: fixed remuneration, a short-term incentive (STI) and a long-term incentive (LTI).

The opportunity totals are arithmetic based on the disclosed FY2026 terms, not actual remuneration received or guaranteed future pay. STI and LTI depend on performance and vesting conditions, while the future market value of equity can change.

The FY2026 arrangements and CEO grant terms are described in Woolworths' 2025 AGM Notice of Meeting, Item 4.

How does the Woolworths CEO annual bonus work?

For FY2026, the CEO's target STI was equal to 100% of fixed remuneration, with the maximum at 150%. Woolworths allocates 50% of earned STI to cash and 50% to share rights deferred for two years, subject to plan conditions.

The company reported that the overall FY2026 STI scorecard delivered 115.9% of target, equivalent to 77.2% of maximum. That is the Group scorecard result, rather than necessarily the final individual payout percentage for every executive.

Woolworths reported $1,370,045 as Bardwell's FY2026 cash STI. Under the stated 50% cash and 50% deferred design, the corresponding award allocation would be $1,370,045 of deferred equity, giving a total FY2026 STI award of approximately $2,740,090, before any subsequent changes in share value or plan adjustments. That is approximately 127.4% of her $2.15 million target opportunity; it should not be confused with the Group's 115.9% scorecard result.

The deferred share component is not the same as shares already vested or cash received in FY2026.

What performance measures determine the bonus?

Woolworths' FY2026 incentive framework combined financial, customer and safety outcomes. The report describes performance against Group sales, EBIT, working capital days, customer satisfaction and safety measures.

The Group achieved results between the entry and target levels for sales, between target and stretch for EBIT, and at stretch for customer satisfaction. Safety results were also strong against several measures. The overall outcome reflected both retail trading and performance on non-financial priorities.

This is useful because a retail company could increase sales while allowing customer experience, cost control or worker safety to deteriorate. A balanced bonus scorecard is intended to reduce that risk.

For a smaller Australian employer, the lesson is not to copy every Woolworths measure. It is to choose a manageable number of indicators aligned to what the business actually needs to improve.

Why did the long-term incentive pay nothing in FY2026?

Woolworths reported no vesting under its FY2024–FY2026 long-term incentive plan, because performance failed to meet the entry requirements for relative total shareholder return, return on funds employed and reputation.

The annual report says this was the third consecutive year without LTI vesting.

The distinction between an LTI opportunity and an LTI outcome is central to executive pay analysis. A CEO can have a multi-million-dollar grant opportunity and still receive nothing when the performance conditions are not met. In contrast, statutory remuneration may still recognise share-based accounting expenses during the period.

For FY2027, Woolworths announced a simplification of its LTI framework, moving to 50% relative TSR and 50% return on funds employed for new arrangements, while the reputation metric continues to apply to existing awards through FY2028. These are prospective design changes and should not be mistaken for the FY2026 vesting conditions.

Source: Woolworths FY2026 Annual Report and FY2027 remuneration outlook.

Did Woolworths increase the CEO's salary for FY2027?

Yes. The board approved a 3% increase to Bardwell's total fixed remuneration from $2.15 million to $2.215 million, effective 1 September 2026.

Woolworths explained that its executive remuneration review referenced an ASX 25 comparator group, with supplementary consideration of major retailers. It also noted that newly appointed leaders can initially be positioned below the market median, with progression as they gain experience in the role.

The adjustment does not mean the CEO's FY2026 fixed remuneration was $2.215 million. The new rate applies from September 2026, after the FY2026 reporting period.

How does FY2026 compare with FY2025?

The statutory total increased by approximately 14.2%, but that does not mean fixed salary rose by the same percentage. Incentive results, accounting allocations and benefits affect the totals. FY2025 also included the transition into Bardwell's role as CEO from 1 September 2024.

The FY2026 results included stronger operating momentum, although challenges remained across the Group. Comparisons therefore need to distinguish business outcomes from the different ways executive remuneration is reported.

What can Australian employers learn from the Woolworths CEO pay structure?

Separate fixed salary from incentive opportunities. An executive with $2.15 million fixed remuneration can have a target package considerably higher than that amount, but only if performance conditions are achieved. The same principle applies to a sales manager with a target commission or a general manager with an annual bonus.

Combine financial and non-financial measures. Revenue and profit alone do not tell the whole story. Businesses can include customer retention, employee safety, service quality or operational efficiency where those indicators are genuinely measurable and important.

Use long-term incentives only where they serve a purpose. Woolworths uses share rights to align senior executives with multi-year shareholder outcomes. A private company may achieve a similar behavioural objective through a multi-year cash arrangement without introducing the legal and administrative complexity of equity.

Explain how performance affects the payout. When employees understand the target, maximum and actual achievement, the bonus is easier to assess and trust. Retrospective changes and poorly documented discretion can undermine confidence.

A simpler bonus example for a small business

Imagine an Australian business with a general manager earning $180,000 fixed annual remuneration and a target bonus of 20%, or $36,000.

A manageable scorecard could use operating profit at 40%, customer retention at 25%, workplace safety at 15% and agreed individual objectives at 20%.

The illustrative bonus is $36,000 × 103.5% = $37,260, before any applicable plan rules or governance adjustments. This is an employer-designed example, not Woolworths' actual STI calculation method.

A smaller business could deliver the entire amount in cash, provided the plan is affordable, clear and appropriate for its workforce.

What should a remuneration committee check before benchmarking a CEO?

• Fixed remuneration is compared with relevant ASX and industry peers using the same definitions.
• Target and maximum opportunities are separately identified.
• Cash STI earned is not confused with deferred STI vesting from prior years.
• Statutory accounting expenses are not described as cash received.
• LTI grants and actual vesting outcomes are assessed separately.
• Peer selection reflects company size, geographic scope and operating complexity.
• Incentive performance conditions and board discretion can be clearly explained.
• Any effective-dated salary increase is attributed to the correct reporting period.

The practical takeaway

The headline Woolworths CEO salary is only one part of the story. Bardwell's FY2026 fixed remuneration was $2.15 million, while Woolworths disclosed remuneration received or vested of $3.88 million and statutory remuneration of $4.82 million. Her annual bonus was significant, but the long-term incentive did not vest.

For Australian employers and boards, the useful lesson is how to define remuneration clearly, connect incentives to meaningful business outcomes and distinguish potential pay, reported accounting remuneration and value actually received.

Need a CEO salary benchmark or executive incentive review? Contact Remunera for independent executive remuneration benchmarking, peer group analysis and remuneration committee reporting.

Data note: Woolworths Group FY2026 ended on 28 June 2026. All dollar amounts are Australian dollars. This article refers to the Australian-listed Woolworths Group Limited (ASX: WOW), not Woolworths Holdings Limited in South Africa. Sources are embedded beside the relevant disclosures.