The board of MyState Limited has extended the tenure of its current managing director and chief executive officer.
The chairman of Tasmanian lender MyState Limited, Miles Hampton, has announced that the board has extended the tenure of the current managing director and chief executive officer, Melos Sulicich.
Mr Sulicich has been the MD and CEO of the ASX-listed non-operating holding company of the diversified financial services group comprising MyState Bank (including The Rock, a division of MyState Bank) and Tasmanian Perpetual Trustees since July 2014.
His four-year contract finishes on 1 July 2018, after which his tenure will continue on an ongoing basis.
Should the MD and CEO wish to step down, he will be required to give 10 weeks’ notice, while the group would need to give him 26 weeks’ notice or payments in lieu should they wish to terminate his employment.
According to MyState, Mr Sulicich will receive $625,000 per annum inclusive of superannuation.
He will be given a maximum of 50 per cent fixed annual reward (FAR), payable in cash, as a short-term incentive, should he achieve his agreed performance hurdles.
Likewise, his long-term incentive comprises a maximum 50 per cent FAR, payable in MyState Limited shares, should he achieve agreed performance hurdles (subject to shareholder approval).