The new CEO of Boart Longyear, Richard O'Brien, will take a paycut close to 40 per cent on his previous position as Newmont Mining CEO.
O'Brien annouced his resignation from Newmont in December last year, and will start at Boart on a base salary of $738,916 a year.
He previously earned around $1.28 million a year out of a total $5.9 million package.
As part of the new package at Boart O'Brien will also be offered an annual short-term bonus up to 100 per cent of his salary, plus long term incentive and performace share rights worth up to $3.6m.
He will also receive car and travel allowances.
Boart's outgoing CEO Craig Kipp left the company with a $985,222 termination payment on top of a $3 million-plus package in his final year.
In other executive payouts, news emerged last week BHP Billiton's exiting CEO Marius Kloppers would take a cash, shares, and performace rights payout worth up to $75.2 million.