NEXTDC CEO Forgoes Bonus After Revenue Forecast Cut
NEXTDC CEO Craig Scroggie will forgo his 2027 bonus following revenue forecast cuts caused by electricity upgrade delays at a Melbourne data center project.
Craig Scroggie, the CEO of NEXTDC, will forgo his fiscal 2027 bonus opportunities following a revenue forecast cut and the pausing of future developments. The board of the Australian data center operator withdrew the resolution to grant performance and restricted rights to Scroggie under the fiscal 2027 long-term incentive plan.
These financial adjustments stem from delays to electricity network upgrades at a major project in Melbourne. The delays will defer approximately A$140 million in contracted customer revenue for the current financial year. In addition to the CEO's bonus forfeiture, the board withdrew a proposal to increase non-executive director remuneration by A$300,000, and current non-executive directors agreed to a voluntary 10% fee reduction.
Chairman Douglas Flynn reaffirmed his intention to retire after a handover period. The company expects to appoint two new non-executive directors in the first quarter of 2027. NEXTDC is scheduled to hold its annual general meeting on November 20.
