Financial services company MyState Limited has extended the contract of managing director and chief executive Melos Sulicich for an open-ended period.
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He will be on fixed remuneration of $625,000 a year, with potential to earn more.
He will be eligible for a maximum of half that again in short-term incentives, subject to what the Tasmanian-based lender described as achieving agreed performance hurdles.
He will also be eligible for a long-term incentive of a maximum of half his fixed remuneration payable in MyState shares, subject to reaching performance hurdles and shareholder approvals.
MyState has about 64,000 shareholders.
It has a Tasmanian home loan book of about $2 billion, a similar amount split between Queensland, New South Wales and Victoria and a smaller presence in the other states.
It made $15.8 million in net profit after tax in the six months to December 31.
That was a 4 per cent increase compared to the same period a year earlier.
- SEAN FORD
