Originally posted by 7seven7
It's great to have his experience but does anyone else think his package is a little too generous...?
- $480,0000 base salary ($2,000/day, assuming 8 hours a day, 5 days a week and 48 weeks a year) + super (=$525,600)
- 35% short term incentive (performance bonus potentially up to $168,000, annually?)
- 9,000,000 options as a sign-on bonus (exercise price of ~30c per share) vesting in 3 tranches at 12, 24, 36 months.
- 12 months salary in event of change of control of company (takeover)
- 12 months salary if we don't want him anymore.
So if his performance indicators are met, it's costing us $693,600 per year in salary/super/bonus...plus the 9 million shares after 36 months... at least he will need to pay ~$2.5M to convert all the options should he elect to do so.
Calderwood gets paid a lot less, and without all of the options? Let's see what Mr Turner can do...
I must admit i am taking a lot more notice of things like this now days. I am not sure it is over the top compared to what some directors of other companies get paid for doing sweet ...... all.
This post from over the weekend that many may have seen sums up my view.
https://hotcopper.com.au/posts/36876395/single
I guess if we want directors who will actually do something, then we have to pay them more than directors getting away with doing nothing.
As you say, lets see what Mr Turner can do.