AXA’s Penn to get $17 million payout
AXA Asia Pacific chief executive Andrew Penn is set to receive a total payout of $17 million from the merger with AMP if approved by shareholders.
The combined payout will be made up of a termination payment of about $9 million, which includes accrued benefits over his 20-year career, as well as about $8 million in options that will crystallise at the time the transaction is completed.
The $9 million termination payment is subject to approval by AXA shareholders, who will meet to vote on the payment and the merger on March 2, 2011.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
