Telecom's new boss Paul Reynolds received almost $4.8 million in his first nine months in the job.
That's despite Telecom's annual profit falling 17% to $713 million in the June year. Profit is expected to fall by 30% this financial year.
Telecom's share price has fallen about 24% since Dr Reynolds took charge in September last year, as the company battles intense competition under new telecommunications rules.
As part of his remuneration package, Telecom paid Dr Reynolds a base salary of $1.3 million in the nine months to June.
He also earned another $1.3 million as part of a performance incentive scheme, made up of a 60% cash payment and 40% in shares.
He was also issued Telecom shares worth $1.75 million, which will vest over the next three years as certain targets are achieved, and he received another $404,000 in special payments.
Radio New Zealand's business editor says Telecom investors will be hoping Dr Reynolds can return Telecom to profitability and add some lustre to its share price.
But Dr Reynolds has warned he does not expect the company to see operating earnings grow until 2011.