Cash Converters’ new chief executive will pocket $1.28 million on starting with the pawn chain and micro lender.
The company today revealed Bank of Queensland executive Brendan White would take the helm in March, succeeding Mark Reid, who departed Cash Converters suddenly in August after just 19 month as chief executive.
As compensation for the bonuses he will forgo on leaving BoQ, Mr White will receive $1.28 million in cash and shares from Cash Converters, payable in instalments over the next two years.
He will start at the Perth-based company on a base salary of $720,000 and be eligible for an additional $1.26 million a year in short and long-term bonuses.
Mr White has been BoQ’s group executive, business, for the past six years. He was previously with Commonwealth Bank.
Cash Converters shares closed at 25¢.