Appointment of CEO at Praemium Limited

From

Praemium Limited is pleased to announce the appointment of Anthony Wamsteker as Chief Executive Officer, effective from 16 August 2021.

Anthony has held the role of Executive Director and Interim CEO since May 2021. Anthony previously joined the Praemium Board in November 2020 following Praemium’s acquisition of Powerwrap where he was Chairman. He brings over 30 years’ experience in financial services, including nine years as the founding CEO of ME Bank, 12 years in funds management with National Mutual/AXA and 3 years as Chairman of Powerwrap.

Praemium Chairman Barry Lewin said “At a time of heightened industry consolidation, when we are experiencing very strong growth across all parts of our business and we have commenced the divestment process for our UK and International business, the Board is delighted Anthony has agreed to accept the permanent appointment as CEO. He will contribute stability, leadership and his deep financial services, management experience and acumen to the wider senior management team at an important time for the Company.”

The current terms of the CEO’s employment contract are as follows:

  • Base Remuneration: $600,000 inclusive of statutory superannuation
  • Short Term Incentive: Up to 50% of base salary based on achievement of targets as approved by the Praemium Board for each financial year during the term
  • Long Term Incentive: Long-term incentives (LTI) are based on participation within Praemium’s Directors & Employee Benefits Plan and currently relate to the issue of performance rights in Praemium Limited. Under that plan Mr Wamsteker will be issued 1.2 million performance rights capable on vesting of converting into fully paid ordinary shares in the capital of the company based on Total Shareholder Return (TSR) targets set by the Board over each LTI cycle of 3 years.
  • Notice Period: 3 Months

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