Origin Energy announced that its Managing Director Grant King, has agreed to extend his service agreement which is due to expire on 30 June 2014. King’s contract is now ongoing and may be terminated by either party on 12 months notice or on a shorter notice period by agreement between the parties.
Origin Chairman, Mr Kevin McCann said, “The Board is pleased that Mr King will continue to lead the Company through the next phase of its development, where its core priorities are improving the performance of the existing business, delivering the Australia Pacific LNG project, managing the funding of Origin’s investment in Australia Pacific LNG and creating growth opportunities for the future.
“The Origin Board recognises the importance of setting executive remuneration which appropriately rewards for performance. We consider that the terms of the renewed contract appropriately rewards the contribution Mr King makes to Origin and weights remuneration to Company performance, good risk management and outcomes as well as the delivery of sustainable growth in long-term shareholder value. All of these are directly aligned with shareholder interests,” McCann said.
LNG World News Staff, October 23, 2013; Image: Origin