He might have made it to the Prime Minister's office, twice, but there is no doubting where the real nous lies in Kevin Rudd's household – with his wife Therese Rein.
The recent federal budget, with its latest attack on alleged dole bludgers, got CBD wondering about how her lucrative adventure in the welfare-to-work industry has fared following the sale of her business, Ingeus, to US-based Providence Service Corp.
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For those who remember the headlines in 2014, Rein was expected to pocket up to $150 million from the deal, which was touted to be worth up to $222 million.
There were caveats, of course. It depended on the future earnings of the business under its new US owners, and the continued employment of the boss, Rein, and her managing director, Greg Ashmead, for another five years.
![Therese Rein with former prime minister Kevin Rudd.](http://web.archive.org./web/20170605204937im_/https://www.fairfaxstatic.com.au/content/dam/images/1/0/8/v/u/u/image.related.articleLeadwide.620x349.gwi0ye.png/1496603913766.jpg)
The latest annual report from the publicly listed Providence indicates that the duo got itchy feet and departed within 18 months.
The good news is the accounts show Providence paid $US92 million cash for the business up front – that is just under $100 million Aussie at the time for our duo.
When Rein and Ashmead "had their employment agreements terminated by mutual consent" in October 2015, they also received $US21 million in accelerated payments and stock based compensation, plus Providence shares worth another $US21 million at the time. That equated to $59 million Australian at the time of their exit.
That adds up to around $160 million in total, with the lion's share going to Rein. Roughly $60 million short of their target but not a bad return given their short tenure with the new owners.
![A rare moment in the spotlight for Therese Rein speaking at the Australian Labor Party 2013 federal election campaign launch.](http://web.archive.org./web/20170605204937im_/https://www.fairfaxstatic.com.au/content/dam/images/g/w/i/e/6/g/image.related.articleLeadwide.620x349.gwi0ye.png/1496603913766.jpg)
Rein has kept a low profile since her departure from Ingeus. Her Twitter profile refers to a consultancy she founded with Ashmead, and she also chairs Jumbebe, which describes itself as a company "that helps build positive communities through research- and evidence-based products and programs that help people of all ages to flourish".
Starry night
The beanies and sleeping bags are already being dusted off for the annual Vinnies CEO Sleepout this month and some big names have been rattling the tins to ensure their night in the rough serves a financial purpose.
![<p>](http://web.archive.org./web/20170605204937im_/https://www.fairfaxstatic.com.au/content/dam/images/g/w/k/1/o/x/image.related.articleLeadNarrow.300x0.gwi0ye.png/1496620178130.jpg)
Nine Entertainment boss, Hugh Marks, will miss his Thursday night Footie Show – the rugby league version not AFL, of course – but is putting on a good show all by himself. Last time CBD checked he was just a tad short of his $12,000 target.
Just ahead of him in the fund raising stakes was Commonwealth Bank's wealth boss, Annabel Spring, in what will be her first show at the event.
"This is my first time sleeping out – a symbolic gesture to remind us all of the difficulties faced by the people experiencing homelessness and emphasise the need to support them," she says on her Vinnie's web page.
Spring is also closing in on her $20,000 target.
And we can only assume the bank levy is keeping the Big Four banks and Macquarie Group rather busy. CBD could not find another representative from this group at the sleepout besides Spring.
In Melbourne, Federation Centres boss Angus McNaughton will be leading the hardy group warming the grounds of Melbourne University.
It will give McNaughton a taste of life for the less fortunate – like the man he toppled as Federation Centre CEO back in 2015 Steven Sewell.
Sewell had just completed the acquisition of McNaughton's Novion Property Group when his board replaced him "effective immediately" with McNaughton.
Sewell only recently returned from the mean streets of corporate ignominy to land a plum London role with Macquarie Group.
And way over in Perth, Cash Converters boss Mark Reid obviously doesn't want to pressure his colleagues into pawning anything to fund his charitable cause.
He has made good progress on his $5000 target, which hopefully received some help from his chairman – former Bank of Queensland boss Stuart Grimshaw.
Follow CBD on Twitter. Got a tip? ckruger@fairfaxmedia.com.au
Originally published on The Sydney Morning Herald as Therese Rein takes lion's share of $160 million sale of Ingeus.