UGL extends chief's term

Group moves to ensure stability and continuity while preparing for a demerger.

UGL (UGL) has extended chief executive officer Richard Leupen's contract to ensure stability and continuity while preparing for a demerger.

In a statement to the Australian Securities Exchange, UGL said it had extended Mr Leupen's term by up to 13 months until April 30, 2015, or upon earlier completion of a demerger.

Chairman Trevor Rowe said Mr Leupen's primary focus will be to prepare DTZ and Engineering for separation as quickly as possible and to oversee recent appointments who have responsibility to deliver trading results and growth strategies for their respective businesses.

"Richard will work closely with Tod Lickerman and Russell Waugh to assist as they transition to become leaders of two standalone ASX-listed companies," Mr Rowe said. 

Mr Leupen's total fixed remuneration will be $2.08 million per annum, with a strategic incentive fee of up to $1.5 million.