Mining contractor Macmahon Holdings has extended the contract of managing director and chief executive Nick Bowen.
In a statement released yesterday, Macmahon said Bowen has agreed to continue his current role in an ongoing basis.
“This announcement provides certainty that Mr Bowen remains firmly focussed on the execution of the company’s strategy and remains committed to the shareholders of Macmahon,” Macmahon chairman Dick Carter said.
Under the terms of the new contract Bowen will maintain his current $1.15 million annual salary, with a short term incentive of cash bonuses of up to 150% of his remuneration.
This month saw Macmahon announce a 65% drop in annual profit to $17.2 million.
Bowen called 2009 “very disappointing and challenging”, particularly for the company’s struggling mining business.
“The reduction in our order book is largely the result of cutbacks at a number of resource related projects.”
The negative result was Macmahon’s first fall in profit in the past eight years.