Coles boss Ian McLeod is destroying the livelihoods of Australian farmers and wiping them out with a ‘‘new form of extreme capitalism’’, says entrepreneur Dick Smith.
Mr Smith’s comments follow reports that the supermarket chief pocketed a $15.6 million pay cheque for 2010-11.
The ‘‘whopping’’ pay packet has prompted outrage from 67-year-old Mr Smith.
‘‘Where does this extra money come from?’’ the former retail electronics king and Australian of the Year asked. ‘‘This salary and most of Coles’ increase in profit clearly comes directly from Aussie farmers and Aussie processors, as they are destroyed by this new form of extreme capitalism.’’