Following a month or speculation, Melbourne IT has announced its new chief executive officer (CEO) and managing director will be Martin Mercer, following the departure of Theo Hnarakis who stepped down on December 5.
Mercer will take over at Melbourne IT in early April. He will be paid an initial remuneration of $500,000 plus statutory superannuation, reviewed annually on January 1. He will also be eligible for a discretionary annual short-term incentive (STI) opportunity between zero and 50 per cent of his fixed remuneration, paid in cash.
Mercer will also be eligible for annual long-term incentive (LTI) award in accordance with a Melbourne IT equity incentive plan. Subject to shareholder approval, he will participate in the same performance rights plan as other eligible senior executives, with his first annual LIT award to be for performance rights to a value of $350,000.
“Mercer was selected after an extensive internal and external review by Sheldon Harris Consulting,” Melbourne IT chairman, Simon Jones, said. “He will be supported in his role by Peter Findlay, our chief financial officer (CFO) and current acting CEO.”
“We are delighted to have an executive of the standing of Martin on board to help define and lead a refocussed business into its next phase of growth.”
Mercer is currently wrapping things up with telecommunications provider, Optus, where he is serving as managing director of its strategy and fixed department, a position he entered in February 2013.
Before Optus, he spent four years as CEO of vividwireless, prior to an 11-year stint at Telstra, which included stints as executive director of consumer marketing, and managing director of both wholesale sales and products.