Albury Council paid $343,944 in end-of-contract payments
Council paid $343,944 in end-of-contract payouts after firing chief executive Frank Zaknich in January 2026.
Albury Council's annual report showed end-of-contract payments totalling $343,944. Councillors voted 7-2 to fire CEO Frank Zaknich on January 28, 2026.
The contract was set to end in September 2027. The payouts went to Zaknich and deputy chief executive Tracey Squire, who retired in July.
Zaknich's pay and his temporary replacement Steve McGrath's pay totaled $415,053 for the year, an 8 per cent increase from the year before.
- 7-2
- Vote to fire
- September 10, 2027
- Original contract end date
- 8 per cent
- Pay increase
Why it mattersCouncils must answer to ratepayers for large payouts to departing executives. Early terminations can cost much more than letting a contract run its course.
AustraliaAlbury residents saw council funds spent on an early CEO exit; similar questions could arise at other local councils.
