Australia's NEXTDC CEO to forgo fiscal 2027 bonuses after forecast cut, project delay

NEXTDC's Chief Executive Officer, Craig Scroggie, has decided to forgo his potential bonus for fiscal 2027, following the company's recent revenue forecast cut and project delay. This announcement was made by the Australian data centre operator on Monday. The board has withdrawn the proposal to grant performance rights and restricted rights to Scroggie under the fiscal 2027 long-term incentive plan.

The current Chairman, Douglas Flynn, has also stated his intention to retire from the board following a brief handover period. The board is expected to appoint two new non-executive directors in the first quarter of 2027. Additionally, the company has announced that it will withdraw its resolution to increase the maximum aggregate annual remuneration of non-executive directors by A$300,000, with the existing non-executive directors agreeing to an immediate 10% reduction in their current fees.

Earlier this week, NEXTDC disclosed that delays in electricity network upgrades at one of its major Melbourne projects would result in approximately A$140 million worth of contracted customer revenue being deferred for the current financial year. The firm's annual general meeting is scheduled to take place on November 20.