New Zealand's Telecom Chief Executive Paul Reynolds received a huge pay amount during the last fiscal year, as his total earning went up to $5.2 million.

This payment included his annual salary, bonuses due to exceptional performance and other remunerations, including travelling and accommodation charges in that particular year.

Reynolds is expected to leave the company’s position by June end in 2013, and his payments from the company will reach more than $20 million by that time.

Wayne Boyd, Telecom chairman stated that Reynolds had performed proficiently and had achieved all the targets of his team and even did much more for the organization than expected.

According to the Telecom, Reynolds has received $16.3 million in payments from the time he joined the post in September 2007, and this amount includes the cash, shares and exceptional payments.

This information was out before the revelation of annual report of the company that will be out in the middle of September with the de-merger scheme booklet.

Mr. Boyd stated that Telecom has had an amazing year which includes the glaring operational functioning and the deal with Crown that will facilitate the ultra-fast broadband and the rural broadband plan will prove quite significant.