About 30 executives missed out on about $50 million in bonuses under the revised performance-linked incentive scheme, which capped share rewards flowing from it at 28 per cent of their entitlement.
Nonetheless, he is the latest in a string of executive departures at FMG that now leave just two of the 11 members of the senior leadership team listed in the company’s 2021 still with the miner.
An average 1.7m hit to each executive, obviously much more for senior leadership. This is a big red flag to lose so much operational leadership experience. 50m to retain decades of culmalitive experience running the business or risk some bad PR for a little while? obviously FMG chose the latter. FMG might have to do lots of outside hires so who knows where the culture ends up and if short term-ism and/or inefficiency creeps into the business.
News: FMG UPDATE 1-Fortescue Metals CFO Ian Wells to step down in latest shakeup, page-7
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