Patrick Snowball is set to stay at Australian firm SunCorp Group until 2015 and stands to secure A$4m worth of shares in the company next September, the company has announced.
Snowball’s employment as chief executive of the Aussie financial services giant was previously for a fixed term ending on 31 August 2013.
But the former Aviva UK chief executive has stated his intention to remain with Suncorp until at least 2015 as part of a transition to a new rolling contract.
Suncorp chairman John Story said the company’s board was pleased to be able to secure a global executive of Snowball’s calibre for an extended period.
He said: “Patrick and his executive team have achieved much in the last two years. Suncorp is now a far stronger organisation with a significantly de-risked business model and a clear strategic direction.”
“Under Patrick’s direction, the group is proving its ability to realise the benefits of the building blocks program and is on track to deliver its improvement in underlying general insurance margins.”
Snowball said: “Suncorp is clearly progressing as an organisation and is poised to deliver the benefits of our new strategy. I am enjoying the role and appreciate the opportunity to extend my time at Suncorp to oversee the Group’s continued progress,” he said.
Under the terms of his amended contract, Snowball’s fixed remuneration will be $2.5m per annum from 1 September 2011 with the possibility of a bonus worth up 150% of this sum should relevant performance targets be met.
If Snowball continues to be employed by Suncorp on 1 September 2012, he stands to be awarded Suncorp shares worth $4m.
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