Date: November 08 2012
Mining contractor Macmahon Holdings says it has reached a termination agreement with its former chief executive Nick Bowen valued at more than $380,000.
Mr Bowen would receive his unused annual leave and long service leave entitlements, as well as payment in lieu of three-and-a-half months notice, totalling $384,773, Macmahon said on Thursday.
Mr Bowen will be replaced by chief operating officer Ross Carroll.
Macmahon said Mr Bowen had agreed that no future short-term incentive was payable under his employment agreement and outstanding performance rights under his long-term incentive scheme had been cancelled.
‘‘As part of this arrangement, the company has agreed to release Mr Bowen from the restrictive covenant in his employment contract relating to dealings with customers and competitors of Macmahon,’’ the company said in a statement.
‘‘Mr Bowen will have no ongoing role with Macmahon.’’
Macmahon, which is reviewing its Hope Downs 4 Rail Earthworks contract in Western Australia, recently apologised to shareholders for its recent earnings downgrade.
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