NEXTDC CEO forfeits FY27 incentives after Melbourne delay

NEXTDC CEO Craig Scroggie will forgo his fiscal 2027 short- and long-term incentive opportunities after power connection delays at the company’s M3 Melbourne data center forced a sharp downgrade to its outlook. The delay is expected to defer about A$140 million in contracted customer revenue this financial year, with revenue recognition pushed into fiscal 2028. NEXTDC has withdrawn shareholder resolutions related to Scroggie’s incentives and a proposed increase in directors’ pay; non-executive directors have also accepted a voluntary 10% fee cut. Chairman Douglas Flynn plans to retire once a successor is appointed, and the company expects to add two directors in early 2027 as it seeks to rebuild investor confidence.