The board at embattled ASX-listed integrator, Commander (ASX:CDR), has voted to retain CEO and managing director, Amanda Lacaze, for a further three years.
The new contract, which commences from July 1, sees Lacaze receiving an annual salary of $750,000, along with a superannuation contribution of $67,500. She will also be paid a retention bonus of $375,000 on September 1. The board has further approved up to $250,000 as a performance bonus for outcomes during the 2008/2009 financial year.
The contract also stipulates various short-term share options depending on performance as at December 31 2008. These will be determined by the board, the company reported in its ASX statement. A long-term performance incentive will also be offered equivalent to 1.5 per cent of shares of the company as at June 30, 2010.
"The performance options will vest upon the achievement of hurdles and at exericse prices set by the board," according to the statement.
Lacaze joined Commander in December following the departure of former managing director, Adrian Coote. She was previously executive chairman at Orion Telecommunications. According to its ASX statement, Lacaze is also entitled to a sign-on bonus of shares or cash equal to 1 per cent of Commander's share capital as at March 5, 2008.
The remuneration package is a leap up from that offered to former Commander managing director, Adrian Coote, who left the company in December. According to its 2006/2007 annual financial report, Coote's total salary was worth $593,837 including cash payments, long-service leave and superannuation entitlements.
The lucrative contract comes six months after Commander shed one-third of its workforce, or approximately 600 staff, as part of its turnaround plan to return the business to profitability.
Shares in Commander were up 39 per cent to $0.11 following the news of Lacaze's three-year contract.