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Australian Insurer Suncorp's Ceo To Get Pay Rise

 

Tuesday, Aug 30,2011, 10:32:28 PM   Click:

Australian insurer Suncorp Group (ASX:SUN)'s chief executive Patrick Snowball has indicated he will stay in the position until at least 2015 after a change to his contract terms that includes a pay rise.

Mr Snowball's contract was due to end on August 31, 2013, but he will now move to a rolling contract, which will see his annual base pay rise from A$2.2 million (US$2.31 million) to $2.5 million from September.

The short term incentives Mr Snowball is eligible to receive also increase, from 100 per cent of his base pay to 125 per cent.

He has stated his intention to stay with Suncorp until at least 2015, the company says.

"Suncorp is clearly progressing as an organisation and is poised to deliver the benefits of our new strategy," Mr Snowball said in a statement.

"I am enjoying the role and appreciate the opportunity to extend my time at Suncorp to oversee the Groups continued progress."

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