Macmahon offers CEO open-ended contract

Macmahon Holdings has offered Nick Bowen a new open-ended contract to remain as chief executive and managing director of the engineering company.

In a statement today, Macmahon said Mr Bowen has agreed to enter the new employment contract on an ongoing basis.

"Today's announcement provides certainty that Mr Bowen remains firmly focussed on the execution of the Company's strategy and remains committed to the Shareholders of Macmahon," chairman Dick Carter said.

"Mr Bowen's leadership skills, experience and strategic vision will be pivotal in ensuring Macmahon's continued success in coming years."

Under the terms of the new contract, Mr Bowen will retain his current pay of $1.15 million, which will be reviewed annually.

Mr Bowen can also earn a cash bonus of up to 150 per cent of his remuneration if he achieves certain short-term goals.

Earlier this month, Macmahon reported a 65 per cent fall in annual net profit to $17.2 million.