Otto Energy Names Matthew Allen as CEO to Succeed Gregor McNab
Otto Energy Ltd announced Monday the appointment of Matthew Allen to the position of CEO effective immediately, following the mutually agreed resignation of Gregor McNab due to personal reasons.
Since joining Otto as chief financial officer in November 2009, Matthew has played an integral role in implementing Otto’s strategy to build a successful international oil and gas company, through assembling an exploration portfolio of high potential prospects and pursuing the development of discovered fields, and is committed to continuing this strategy for the benefit of shareholders.
Matthew has 14 years of experience in the upstream oil and gas industry and has worked with Otto and previously Woodside Energy. Matthew has had global exposure to the upstream oil and gas industry in Asia, Africa, Australia and the Middle East.
Otto's chairman Rick Crabb said "Firstly, I would like to thank Gregor McNab for his leadership of Otto for the past two years. During this period, Gregor has overseen an increase in the Company’s production and cash flow profile, primarily though the successful Galoc Phase II development, as well as the Company’s onshore East Africa entry. On behalf of my Board colleagues, shareholders and all Otto employees, I extend our well wishes to Gregor as he pursues personal interests.
“The Board welcomes Matthew’s appointment as CEO and we are confident he has the requisite skills and experience to fulfil this role. Over recent years, Matthew has worked closely with Gregor on implementing Otto’s key strategic initiatives and operational projects, and is actively involved in all the Company’s planning tasks and decision-making processes.”
CEO Contract Summary
In accordance with ASX Listing rule 3.16.4, Otto provides the following information in relation to the key terms of Allen's employment contract:
- A fixed salary of $429,000 (AUD 475,000) per annum
- A Short Term Incentive (STI) may be paid by the Board discretion in exceptional circumstances. There is no fixed entitlement to an STI
- Eligible to participate in the Long Term Incentive (LTI) program through the Employee Performance Rights Plan. Allen's current interest in Performance Rights is included in the table below
- The contract may be terminated:
- By the Executive with 90 days notice
- By the Company with 30 days notice, subject to payment of termination of agreement without cause of 6 months remuneration
- By the Company immediately upon certain specified events
Allen currently has an interest in the following securities of Otto Energy Ltd:
- Matthew Allen: 3 million Ordinary Shares; Zero Options; 6.5 million Performance Rights
Performance Rights on issue vest according to the following schedule:
- 1 million: Oct. 3, 2011 (Grant Date); Mar. 31, 2014 (Vest Date); 100 Percent TSR (Vesting Condition)
- 2 million: Oct. 3, 2011 (Grant Date); Sept. 30, 2014 (Vest Date); 50 Percent TSR/50 Percent Time
- 3.5 million: Feb. 1, 2013 (Grant Date); April 1, 2015 (Vest Date); 100 Percent TSR (Vesting Condition)
TSR means total shareholder return, which measures the change in capital value of the Company's share price over a period, expressed as a percentage of opening value compared to the relative ranking against a group of Otto's ASX listed peer group companies.
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