REA Group, the ASX-listed parent company of realestate.com.au, today announced former Australia Post executive and Microsoft Asia-Pacific vice president, Tracey Fellows, will take over as CEO from September.
Fellows will replace REA’s interim CEO Peter Tonagh who has been looking after the top job since March this year while the company searched for a successor to previous CEO Greg Ellis.
According to ASX documents Fellows will be paid $900,000 a year inclusive of superannuation, a package that will be reviewed every year from July 2015.
Fellows will be paid a bonus of $500,000 for signing on (net of applicable tax and inclusive of super). However if Fellows resigns within 18 months of her start date or if she is fired within 12 months, the sign-on bonus will need to be repaid.
She will also be allowed to participate in REA’s short term incentive plan which has a target opportunity of $450,000 dependent on a number of key performance indicators.
As a long term-incentive Fellows will be granted performance rights over REA ordinary shares to the value of $450,000 over time and in accordance with achieving a number of performance objectives which will be similar to agreements other senior REA executives have in place.
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