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Effective 11 March 2019, the Board of AUB Group Limited (ASX:AUB) is delighted to announce the appointment of Mr. Mike Emmett as the groupâs new Managing Director and Chief Executive Officer. Mr. Mark Searles the outgoing Chief Executive Officer and Managing Director is to move to an advisory position to the Group.
Mike was most recently CEO of Cover-More a previously listed company and has held executive positions across a range of sectors. He has formerly also held roles with QBE, EY, Accenture, and IBM.Â
The company is pleased to have secured someone of Mikeâs calibre, with his strong experience in distributed business models and diversified growth. The Groupâs successful âtotal risk solutionsâ strategy aligns well with Mikeâs understanding of the full suite of insurance services, as well as their intention to be the leading provider of risk management, solutions, and advice to clients. The Board is confident his skills will help orient the group to the future needs of clients while continuing to deliver shareholder outcomes and will enable the group to maintain strategic momentum, said AUB Group Chair David Clarke while discussing the appointment.
To developing a non-executive director career, the outgoing CEO and Managing Director Mark Searles will move to an advisory position until October 2019, who announced in August 2018 his intention to step down.
The key terms and conditions of the executive employment agreement between Mr. Emmett and a wholly-owned subsidiary of AUB Group Limited AUB Group Services Pty Ltd are laid down. The Agreement is ongoing until a termination clause is enacted (by giving 12-monthsâ written notice), inclusive of superannuation contributions, Mr. Emmettâs Fixed Annual Remuneration (FAR) is A$850,000 per annum.
Mr. Emmett will be entitled to Paid Personal/Carerâs leave of 10 days per year and four weeks Annual Leave per year and other statutory and company leave entitlements.
Mr. Emmett will participate in incentive arrangements as follows - capped at a maximum of 150% of Target a variable annual Short-Term Incentive (STI) payment of $600,000. Subject to annual shareholder approval, an annual grant of Long-Term Incentive (LTI) options to the equivalent of the Base Remuneration under AUBâs standard option plan. An LTI grant which may vest after five years of ongoing employment of 200,000 options from 1 July 2019, which is subject to the achievement of earnings per share growth criteria.
Mr. Emmett is restrained from disclosing any confidential information during his employment and for 12 months after his employment ends. The share price of the company fell around -0.823% to trade at $12.050.
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