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MYSTATE LIMITED — Board/Management Information 2021
Oct 12, 2021
65395_rns_2021-10-12_82abbbac-2f86-41d5-a848-5d73262d6cf6.pdf
Board/Management Information
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ASX ANNOUNCEMENT
Wednesday 13 October 2021
MyState Appoints New Managing Director and CEO
13 October 2021: MyState has announced that it has appointed Brett Morgan to succeed Melos Sulicich as Managing Director and CEO.
MyState Chairman Miles Hampton said that Mr Morgan had been selected after an extensive search process that included well qualified and experienced bank leaders in Australia and New Zealand.
Mr Morgan who is Sydney based, is presently Chief Executive Officer, Banking and Wholesale at ASX listed BNK Banking Corporation Limited (ASX:BBC).
He has extensive digital banking experience having held a number of key executive roles at ING DIRECT, Australia’s first digital bank.
Mr Morgan worked at ING DIRECT for 15 years holding positions as Executive Director Customers, Executive Director Savings, Executive Director Mortgages together with a number of other senior roles.
In 2012 Mr Morgan was appointed as Country Head Branch Banking, Marketing and Private Clients at ING Vysya Bank in India, 40% owned by ING Group, where he led a shift from product to a customer led strategy with responsibility for 7,500 staff.
He returned to Australia in late 2014 for family reasons taking up key divisional CEO roles with Inloop, an Australian technology business that develops and operates financial technology, data and digital marketplace businesses.
Mr Morgan will commence with MyState in January 2022.
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Key Terms of Mr Morgan’s Contract
| Date of Commencement | January 2022 on a date to be advised |
|---|---|
| Contract Term | Ongoing |
| Fixed Remuneration(FAR) | $625,000 pa incl superannuation] |
| Short Term Incentive | Maximum 60% FAR payable in cash, subject to achievingagreed performance hurdles |
| Long Term Incentive | Maximum 70% FAR payable in MyState Limited shares,subject to achieving agreed performance hurdles andshareholder approval |
| Termination by MrMorgan | 26 weeks’ notice |
| Termination by MyState | 26 weeks’ notice or payment in lieu |
| Restrictive Covenant | 6 Months following cessation of employment |
| Share Ownership | Mr Morgan to acquire shares to value of 50% FAR, over nomore than four years and maintained thereafter (excludes LTIshares) |
Authorised
Miles Hampton - Chairman
About MyState Limited
Registered Office: 137 Harrington Street, Hobart 7000
MyState Limited (ABN 26 133 623 962) is the ASX-listed (MYS) non-operating holding company of the diversified financial services Group consisting of MyState Bank and TPT Wealth, a trustee and wealth management company. MyState Bank is regulated by the Australian Prudential Regulatory Authority. MyState Bank and TPT Wealth hold Australian Financial Services Licences issued by the Australian Securities and Investments Commission.
Investor Enquiries Miles Hampton [email protected] +61 418 120 163
Media Relations Christie Thomas [email protected] +61 400 935 275
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