Newspaper the Herald Sun has reported Costa Group CEO Harry Debney could receive at least AUD$7.5 million in payments and benefits in 2015, as part of the firm's initial public offering (IPO) set to take place on July 24.

The story reported the executive would have an annual salary of AUD$950,000, and be eligible for a further AUD$570,000 in incentive payments.

The bulk of the possible AUD$7.5 million would come from cashing in AUD$6.6 million from long-term share options granted in 2013, the story reported.

A long term incentive package will give Debney 1.9 million share options in the publicly-listed Costa, which will take on the code CGC on the Australian Stock Exchange (ASX).

The story reported he will also get 1.2 million shares in relation to previous options held.

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