CEO Remuneration and Employee Performance Rights
Release Date: 07/06/2013 12:00am
Pharmaceutical company Pharmaxis Ltd (ASX:PXS) today announced remuneration details for its Chief Executive Officer and the grant of performance rights to key employees in measures designed to retain and incentivise staff remaining with the Company.
Chairman Mr Malcolm McComas said, “The Company’s revised business plan requires experienced leadership to deliver on the objectives we have set. The appointment of Gary Phillips as Chief Executive Officer in March was the first step in repositioning Pharmaxis. Gary has more than 30 years’ experience in the international pharmaceutical sector. A flattened management structure means he will retain the majority of his former responsibilities as Chief Operating Officer. The Board believes his remuneration package is competitive, aligned to the creation of shareholder value and appropriate to the responsibility and task at hand.
“After careful consideration, the Board has decided to use performance rights to provide short term retention incentives and medium term performance bonuses to key staff and to align performance to the major business transforming milestones being pursued by the Company over the next two years. The criteria used to assess performance for the vesting of performance rights will be an equal weighting of corporate and personal objectives, with the former focussing on partnering Bronchitol, reducing the net cash burn and increasing sales of Bronchitol.”
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