Great appointment, paying up for him though, he will be worth it.
And some nicely priced LTI's... Basically he needs to crack a SP of $6 within three years to get all of his stock incentives ($1m worth). and needs $4 to get 20% of it... Happy to pay him $1m if he can triple my shareholding value.
Would like to see the short term incentive details (Yet to be determined by the board)...Good that they are noting this will be a mix of financial and non financial measures. Again, big numbers in there but he has a big job, and if they are well considered targets and he can come come close to achieving them, we will see a significant improvement in the business results, and subsequently, the SP... Basically, he is from Glenfiddich, been there for 10 years in varying capacities including strategy, finance and commercial, more recently MD of APAC where he has doubles sales in the last 5 years (and this would have been off a bigger base than he is starting off with LRK)... He has worked in different locations while with WG 7 Sons including Singapore, China and the UK...
We couldn't have hoped for a better appointment IMHO short of one of the group execs of a large global player - but, this is better in all honest, someone that has been on the ground driving growth and strategy for the last 10 years, proabbly has been hamstrung by large organisations (WG& sons has +2500 employees)... Now he gets a free run.
The only issue in the appointment is he isn't starting sooner - Commences in May. So will they just tread water for 6 months.
GLTAH faith will be rewarded.
DYOR.
LRK Price at posting:
$2.03 Sentiment: Buy Disclosure: Held
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