Former Optus boss Martin Mercer has taken over as MD of web hosting company Melbourne IT.
The appointment follows Melbourne IT’s recent $50.4 million purchase of its largest rival (Netregistry) and the addition of Netregistry founder Larry Block as a director.
Mercer 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.”