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- Santos (STO) has promised its Chief Executive Officer, Kevin Gallagher, $6 million in company shares as an incentive to deliver on major growth projects
- The company said Gallager had led the company through a significant turnaround since joining the company in 2016 and more than doubled its share price over the period
- To receive the bonus, Santos said the CEO will be subject to “strict performance hurdles” as the company navigates its energy transition strategy into 2025
- Finer details regarding the incentive are expected at the company’s annual general meeting this week
- Santos is up a slight 0.28 per cent following the announcement, trading at $7.09 per share
Santos (STO) has promised its Chief Executive Officer, Kevin Gallagher, some $6 million in company shares as an incentive to deliver on major growth projects.
Singing its praises of the CEO, Santos said Gallagher had led a “significant turnaround” since joining the company in 2016, commenting it was now a “sustainable and resilient business.”
While light on finer details, the CEO could receive a once-off growth projects incentive to the tune of $6 million in share acquisition rights, should he see the company through its major projects over the next four years.
To receive the bonus, Santos said Gallagher will be subject to “strict performance hurdles” and is required to deliver on major growth projects such as the oil and gas producer’s energy transition strategy.
The CEO said he was “delighted” to commit to delivering on the company’s growth strategy.
According to Santos, its company share price has more than doubled under the CEO, generating a total shareholder return of 159 per cent.
Santos Chairman Keith Spence said Kevin had a proven track record of delivering value for shareholders.
“Kevin is critical to the successful delivery of the company’s strategy, major growth projects and driving the energy transition over the next five years,” he commented.
Further details on the incentive are expected at the company’s annual general meeting this week, where Santos will seek shareholder approval for the issue of shares.
Santos is up a slight 0.28 per cent following the announcement, trading at $7.09 per share at 12:46 pm AEST.
