Wightwick stepped down from the position on February 1 2004 and will retire as an executive of PaperlinX on February 13, 2004. He has agreed to remain available in a consulting role until June 30, 2004 to assist and advise Park as appropriate.
David Meiklejohn, PaperlinX chairman, says, “The Board again pays tribute to Ian’s achievements during his period as managing director and CEO. Following the acquisition of Buhrmann’s paper merchanting division, PaperlinX is now a major participant in the global paper distribution and manufacturing industry.
“On behalf of the Board and the shareholders I thank Ian for his substantial contribution to the establishment and growth of PaperlinX and wish him a happy and productive retirement. We welcome Tom to his new role and the Board looks forward to working with him.”
Park will be paid a fixed remuneration amount of $1.5m per annum, which is reviewable annually. The short term incentive plan provides for a maximum annual cash bonus of up to 100 per cent of the fixed remuneration if performance criteria determined by the Board are met.
The long term incentive will be measured over a three year period and the maximum potential entitlement is 200,000 PaperlinX shares per annum for the three years. These 600,000 shares will be purchased on market and any of these shares will only vest to Park if relevant performance criteria are met.
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