Kane gets $1M+ salary to head up Aston

FORMER Macarthur Coal and Boardwalk Resources executive Peter Kane will get a package of more than $1 million to be the interim chief executive of Aston Resources.
Kane gets $1M+ salary to head up Aston Kane gets $1M+ salary to head up Aston Kane gets $1M+ salary to head up Aston Kane gets $1M+ salary to head up Aston Kane gets $1M+ salary to head up Aston

Nathan Tinkler, courtesy Aston Resources

Lou Caruana

Chairman Nathan Tinkler said the board was delighted to have someone of Kane’s “significant project experience” step into the role at Aston during the transition into the proposed $5.1 billion merger with Whitehaven Coal and Boardwalk Resources.

It follows changes to Aston senior management and board in late 2011 when Tinkler – who is Aston’s major shareholder with 32% – took over the chairman’s role and accepted the resignation of former chief executive Todd Hannigan last year.

“Peter brings comprehensive on-site experience and contracting know-how from his time at Leighton Contractors, Macarthur Coal and, more recently, Boardwalk Resources,” Tinkler said.

“Under the proposed merger of equals with Whitehaven Coal Limited, Peter will continue to have a key role in the senior management team.”

Kane will be given a base salary of $945,000 per annum plus 9% compulsory superannuation contributions by the company.

A short-term incentive will be an annual opportunity to earn up to 100% of base salary on achievement of key performance indicators set annually at the board’s discretion and in accordance with its remuneration policies.

The long term incentive will be an annual opportunity to receive up to 100% of base salary in accordance with Aston’s current long-term incentive plan.

If the proposed merger proceeds, Whitehaven Coal managing director Tony Haggarty will lead the newly merged company and Kane would continue to have a role in its senior executive ranks.

topics

loader