Business Services Industry
Tower spin-off boss to be paid for profit.(Australian Wealth Management Ltd)(Brief Article)
Australasian Business Intelligence, April, 2005 by Bailey, Michael
Apr 27, 2005 (Money Management - ABIX via COMTEX)
Australian Wealth Management (AWM) is trading at close to its listing price on the Australian Stock Exchange as of late April 2005. AWM, which represented the spin-off by Tower of its Tower Australia wealth unit, is trading at $A1.02, having listed in February 2005 at $A1 each. They have traded as high as $A1.20. Andrew Barnes, the CEO of AWM, says the decline does not worry him. Commenting on the performance hurdles in his contract, Barnes says that he will have to achieve a major rise in after tax profit in order to surpass them. Barnes is paid a base salary.
Publication Date: 21 April 2005
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