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In a sign of great confidence, PMP has negotiated the renewal of the employment contract with David Kirk, its current CEO, for a term of three years, with an option to extend for a further two years. Kirk was brought on board last year to pull the company out of its downward spiral, something he has done successfully. Graham Reaney, PMP chairman, says, "The Board of PMP is delighted David has renegotiated his contract as CEO, and with it his commitment to the Company’s future plans. After achieving the earnings target for FY04, David and his management team are keen to take the company forward. Having the CEO’s contract term, as well as his short and long term performance incentives, aligned to the company’s three year plans is in the best interest of our shareholders."As part of the renewal of his contract, the Board has renegotiated Kirk’s employment details. His base salary has been increased to $850,000 (including superannuation benefits and all applicable income and other taxes) with a short term incentive bonus up to maximum 100 per cent of the new base for achievement of annual earnings performance targets and other performance indicators for FY05 set by the Board.
In addition, subject to shareholder approval, the Board has offered to Mr Kirk four million options exercisable at $1.60, determined by the weighted average price of PMP’s shares on the ASX for June 2004.
