By Paul Hayes

SYDNEY, NSW: The board of the Thorn Group, retail buyer for both Radio Rentals and Rentlo, yesterday announced it had reached a new employment agreement with its managing director, John Hughes.

Hughes’ new three year contract will see his salary increased in-line with the consumer price index and he will be granted long term incentives in the form of performance rights which will be in the value of $900,000, said the company.

Any additional short term incentives will be at the discretion of the board.

With an expiration date of 31 March 2013, Hughes’ contract can be cancelled by either party with six months notice.