Paladin Energy reappoints Borshoff
Paladin Energy has defied shareholder pressure by reappointing managing director John Borshoff on a new contract that will see him push into his 21st year in charge of the uranium miner.
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.