John Fletcher, the new chief executive at Australia's biggest retailer Coles Myer Ltd, will be granted 2.5 million options as part of a five year incentive package to shake the company into shape. The options over its ordinary shares will be granted in five tranches of 500,000 with a strike price of $6.33. Each tranche of 500,000 will vest on 10 September in each successive year providing performance hurdles at the end of the previous financial year are met, the company said.