Calibre Group has promoted acting chief operating officer Peter Reichler to the position of managing director, on a total fixed remuneration package worth $500,000 less than that of his predecessor.
Mr Reichler, who has served as Calibre's interim chief operating officer since last month and as interim chief financial officer since August this year, will take the managing director role effective immediately.
He replaces Rod Baxter, who stood down as managing director in June after four years in the role following a series of damaging profit downgrades for the company.
Mr Baxter was entitled to an annual fixed remuneration of $1.2 million and a fixed car allowance of $50,000 per annum in the 2013 financial year.
He was also eligible as a senior manager to receive short-term and long-term incentives equal to 50 per cent of his salary, subject to meeting performance targets.
In contrast, Mr Reichler will receive a total fixed remuneration of $750,000 per annum.
He will be eligible to receive a short-term incentive of $200,000 upon meeting financial performance hurdles.
"Peter's remuneration package has been negotiated in line with market trends, with a significant component at risk subject to meeting strong performance hurdles in line with shareholder interests," Calibre chairman Ray Horsburgh said.
"It has become very clear in the time Peter has been with us that he has the right mix of leadership skill, client focus and commercial, financial and operational acument that we have been looking for in the role."
Mr Horsburgh will now step down as acting managing director and the company will renew its search to appoint a permanent chief financial officer.
Calibre reported a 34 per cent fall in net profit after tax in FY13 despite a 27 per cent increase in revenue for the year.
Mr Reichler was Downer EDI's chief financial officer from 2006 to 2009 before being promoted to chief executive group ventures, a role he held until 2011.
He holds more than 30 years' experience in the engineering, consulting and infrastructure services, including key roles within the Amcor Group across Australia, Asia and Europe.
Calibre shares were steady at 42 cents at 10:10am WST.
