Genworth Mortgage Insurance Australia announces Georgette Nicholas as CEO; Luke Oxenfam as CFO
The Executive Remuneration Reporter
GMA today confirmed Georgette Nicholas as CEO and will be appointed to the Board 'in due course'. Ms Nicholas has been Acting CEO since Ellie Comford retired as MD/CEO on 9 October 2015. Ms Nicholas is a 10 year veteran of Genworth Financial Inc having joined in October 2005 and moving to Australia in February 2014 as the CFO. Today's announcement is 'interesting' because the new CEO's remuneration appears to be higher than amounts paid to the previous incumbent. Typically an internal hire would result in a lower remuneration package for reasons I've explained in previous wires on IAG (VIEW LINK) and ANZ (VIEW LINK) Per the 2014 remuneration report (financial year to 31 December 2014), Ms Comford's contract total fixed remuneration (TFR) was $725,000, STI opportunity of 85% of TFR at target, 170% at maximum; and a LTI grant with target value of 110% TFR. Ms Nicholas' TFR as CEO is $850,000, with target STI of 100% TFR, maximum of 200% TFR, plus a target LTI of 100% TFR. For FY2014 (latest financial year reported), Ms Nicholas' contract TFR was $374,195.
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With a background in human resources, executive search and corporate law, Kym Sheehan brings unique perspectives on corporate governance and meeting resolutions to her work for The Executive Remuneration Reporter. The Executive Remuneration...
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