As previously advised to the market, Mr Michael Hawker resigned from his position as Managing Director and Chief Executive Officer of Insurance Australia Group Limited (IAG) effective 26 May 2008. To ensure a smooth transition to the new CEO, Mr Michael Wilkins, Mr Hawker had agreed to remain an employee of IAG until 25 July 2008. Mr Hawker received a payment of $1,939,324 (less applicable taxation) upon ceasing his employment. This payment is equal to six months of remuneration and is in accordance with the terms of his contract. Mr Hawker also received a payment for untaken annual leave. Mr Hawker’s share rights allocations (Performance Award Rights, Executive Performance Rights and Deferred Award Rights) that are not exercisable for shares lapsed on 25 July 2008 except for 400,000 Performance Award Rights granted on 10 December 2003, which will lapse on 25 August 2008 unless they become exercisable on or before this date.
IAG Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
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