CLOUGH Limited’s new CEO and managing director David Singleton is on track for a $1.8 million salary, providing he meets and exceeds six short-term criteria.
His base salary will be $900,000 with the potential of a 100 per cent bonus.
The criteria are total shareholder return outperforming a comparative group of companies within the engineering or related sector or benchmarked against the Australian Stock Exchange-Standard and Poors 300 Industrials Index, improved earnings per share, achievement of return on shareholders’ funds targets, successful completion of specified business objectives and any other incentive arrangement and may be outlined by the company and agreed by Mr Singleton.
Just meeting those criteria will earn him a 50 per cent bonus on top of his base salary. If his performance is "extraordinary" the board may award a further 50 per cent bonus.
However, Clough’s statement to the ASX says that if those targets are not met it is under no obligation to pay Mr Singleton any bonus.
In other Clough news, the listed engineer has appointed Jock Clough, son of former chairman Harold, as its new non-executive chairman.
Ross Kelly will stand down as chairman and remain on the board as an independent director.
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