Boral top job for Severin
THE promotion of Boral’s US boss, Emery Severin, now seems assured, with his main domestic rival, Phil Jobe, agreeing to try to resurrect the struggling aluminium products group Capral.
Jobe will replace Robin Freeman, who quit after four years in the job yesterday.
Jobe has been running Boral’s cement division, which will be split into two, with Warren Davison running the construction arm and Mike Beardsell the cement division.
Boral boss Rod Pearse’s contract expires at year’s end and while he is yet to confirm the move, he is widely expected to be retiring.
Capral’s largest shareholder is GPG and Jobe will take on a three-year contract with an unusual twist.
His base pay will be $1.2 million year, plus a $300,000 sign, a minimum $800,000 a year for the first two years as a short-term incentive, long-term incentives and a generous option deals.
If he leaves before the three years are up, other than for a cause, he will collect $4.4 million in termination pay less any base pay and short-term incentives paid.
This means if he leaves after the first year, he would automatically collect $2.4 million.
Boral’s Severin has long been tipped as the man both chairman Ken Moss and Pearse have wanted as the next boss.
http://www.theaustralian.news.com.au/story/0,25197,25148810-5013407,00.html
