The board of CBA-linked dealer group Countplus has announced it finalised a five-year contract with its new chief executive Matthew Rowe, which includes his annual base salary and two incentive plans.
ifa reported in February 2017 that former FPA chair Mr Rowe was appointed chief executive and managing director of Countplus. Count Financial, which is owned by CBA, is the largest single shareholder of Countplus.
In a statement to the ASX yesterday, the board of Countplus said Mr Rowe has agreed to a base salary of $410,000 – lower than previously paid.
He will also participate in a short-term incentive program of up to 100 per cent of his base salary starting on 1 July 2017 and assessed 30 June 2018.
Key performance metrics will be set by the Countplus board and performance will be assessed by the board in its absolute discretion against these metrics, the statement said.
As for the long-term incentive, Mr Rowe will be granted a specific number of performance rights for shares in the company, subject to both shareholder approval and the discretion of the board.
Countplus chairman Ray Kellerman said, “The Countplus board is delighted to have a five-year commitment from Mr Rowe to lead the transformation of Countplus and our revitalised growth strategy.
“The contract outlines an incentive structure aligned to delivering for Countplus clients, member firms, people and shareholders. We also note that Mr Rowe has become a top 20 shareholder in Countplus, purchasing shares on market soon after his appointment as CEO and managing director.”
At the same time, Countplus announced it divested its shareholding in NSW-based CBC Financial Advisers, representing $800,000 in profit.
The sale comes in response to a strategic review of operating assets within Countplus. This company is in advanced discussions with a number of its leading firms for the principals to buy back equity in their firm.
“Countplus’ strategic intention is to be an investor in high-quality practices, not necessarily be a 100 per cent owners of such firms,” the statement said.
“It is our aim to become Australia’s leading network of professional accounting and advice firms, aligned through shared values, mutual success and our sense of community.”
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