Suncorp has announced the company has finalised remuneration arrangements for acting chief executive Steve Johnston, with the fixed renumeration increased from $1 million to $1.3 million per annum.
The renumeration would be pro-rated for the period Johnston performed the role of acting CEO.
This increase to Johnston’s renumeration reflected the additional duties he had taken with the departure of CEO and managing director Michael Cameron.
His FY20 target short-term incentive (STI) opportunity would be based on 100 per cent of his acting CEO fixed renumeration for the period in the role.
35 per cent of any STI awarded would be deferred into share rights which vest 50 per cent on the first anniversary and 50 per cent on the second anniversary of the date of the grant.
The renumeration package also included a one-off equity award in recognition of his acceptance of the acting CEO role and the expected increased contribution.
Johnston would receive a grant of share rights with a face value of $300,000, which would vest on 26 May 2020, provided he had not given notice of resignation or been terminated for cause.
The renumeration arrangements would continue until a permanent CEO and managing director is appointed, following completion of the selection process led by the board.