Sunbeam’s owner retains its million dollar MD

By Patrick Avenell

MELBOURNE, VIC: GUD Holdings, owner of the Sunbeam brand amongst others, has today announced a contract extension for its managing director and chief executive officer, Ian Campbell.

In a notice to the Australian Securities Exchange today, GUD chairman Clive Hall said he was “pleased to secured the services” of Campbell for another three years. Campbell’s new contract runs until 1 July 2013.

Campbell will be paid $1,105,500 per year for the duration of this contract, which can be terminated by either party by providing six months notice. This salary can then be increased to just under $2 million should performance based bonuses be paid.

GUD shareholders will vote to approve this appointment and remuneration package at the 2010 Annual General Meeting.