BT outlines CEO’s pay deal
BT Financial Group has revealed that new chief executive Rob Coombe, who officially steps into the role today, will earn an annual base salary of $600,000, but could earn up to an additional $1.3 million this year if he meets short term performance targets.
Coombe, who takes over the role vacated when predecessor David Clarke resigned last September, could also be entitled to up to an additional $850,000 in shares and options for 2005 if he meets longer term performance hurdles.
Formerly general manager distribution and marketing, Coombe, 41, joined Westpac with its acquisition of BT in 2002, where he has been responsibility for the asset accumulation business, including the ongoing development of the BT Wrap Platform.
Clarke's resignation last year included an agreement to work together with Coombe for a few months.
BT corporate affairs manager Allison Davis said Clarke has to date "not yet released any details of his professional plans for the future".
Davis said an announcement was "expected soon" on a replacement to fill Coombe's previous position of general manager distribution and marketing.
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