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SKYCITY CEO commits to further three years
MEDIA RELEASE
May 2011
SKYCITY CEO commits to further three years
SKYCITY Entertainment Group (SKYCITY) announced today that it has entered an agreement with its Chief Executive Officer Nigel Morrison, to secure his services for a minimum of another three years.
SKYCITY Chairman Rod McGeoch said that this had been achieved by offering Mr Morrison an accelerated grant of shares under the CEO's 2009 Long Term Incentive plan.
Mr McGeoch said, "This is an exciting period for SKYCITY and we felt that it was important to ensure Nigel was on board to lead a number of significant projects that we are undertaking in the next few years, such as, upgrading the VIP gaming spaces in Auckland and the proposed extensions to our properties in Adelaide and Darwin.
"While we know of no threat to Mr Morrison's tenure, the Australasian gaming sector is in a state of change, and SKYCITY's Directors felt it was in the interests of the company and its shareholders to offer Mr Morrison these incentives to stay on during this important period."
The shares granted to Mr Morrison today have a value of $3.6 million and will be held in trust for three years. Mr Morrison must remain with SKYCITY, and the company must achieve a minimum performance hurdle before the shares allocated today can be transferred.
No further allocations will be made under the LTI plan to Mr Morrison in 2011, 2012 or 2013.
ENDS
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