Paladin Energy reappoints Borshoff
Mr Borshoff will serve as Paladin boss for at least the next 13 months, and his tenure could stretch as far as December 2016 under extension provisions in the contract.
The new contract comes less than 48 hours before Paladin's annual meeting on Thursday and was foreshadowed by Mr Borshoff more than four months ago.
"The renewal will be by mutual desire and I still feel that I can contribute, and the team is starting to flesh out really well," he told BusinessDay on July 2.
While Mr Borshoff will continue to earn a base salary of $1.382 million, his new package will allow that to be doubled annually at the board's discretion, should a set of unprescribed performance indicators be met.
His salary will rise if the benchmark uranium price increases to $US45 per pound for a three-month period.
His termination rights have also changed slightly for the second time in the space of a month, with his payout now to be calculated over his past three years salary, rather than past two years.
"The board recognises the vital importance of Mr Borshoff's contribution to the current and continuing strategic negotiations concerning a Langer Heinrich minority interest sale and debt reduction," the company said on Tuesday.
A group of rebel shareholders are trying to remove Mr Borshoff and chairman Rick Crabb from the top of the company.
Mr Crabb faces re-election at the AGM.
Paladin shares have been testing 40¢ in recent weeks and closed at 39¢ on Tuesday.
Frequently Asked Questions about this Article…
John Borshoff is the managing director of Paladin Energy, a uranium mining company. He has been reappointed to continue in this role, extending his leadership into his 21st year.
John Borshoff's new contract allows him to serve as managing director for at least the next 13 months, with the possibility of extension until December 2016. His base salary is $1.382 million, which can be doubled annually at the board's discretion if certain performance indicators are met.
John Borshoff's salary can increase if the benchmark uranium price rises to $US45 per pound for a three-month period. Additionally, his salary can be doubled annually at the board's discretion if certain performance indicators are achieved.
John Borshoff's termination rights have been adjusted so that his payout is now calculated over his past three years' salary, rather than the past two years.
The Paladin Energy board recognizes John Borshoff's vital contribution to strategic negotiations, including the Langer Heinrich minority interest sale and debt reduction efforts.
A group of rebel shareholders is attempting to remove John Borshoff and chairman Rick Crabb from their leadership positions at Paladin Energy.
Paladin Energy's shares have been testing 40¢ in recent weeks and closed at 39¢ on the Tuesday mentioned in the article.
The annual meeting is significant as it comes shortly after John Borshoff's contract renewal and involves the re-election of chairman Rick Crabb, amidst shareholder pressure for leadership changes.
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