- AD1 Holdings (AD1) assigns Brendan Kavenagh as new Managing Director and Chief Executive Officer
- Brendan has been with AD1 for the past few months, focussing on sales, marketing and customer retention
- He succeeds Prashant Chandra who has resigned after almost five years with the company, but will stay on for six-months to facilitate the transition
- The new CEO's annual total fixed remuneration is $300,000 with a conditional two-part annual short-term incentive plan offering an extra $250,000 per annum
- Company shares are trading grey at 3.5 cents at 1:31 pm AEST
AD1 Holdings (AD1) has assigned Brendan Kavenagh as the company's new Managing Director and Chief Executive Officer.
Brendan succeeds Prashant Chandra who has resigned as CEO and joint company Secretary, after almost five years with the communication services company.
Prashant has held the position of Managing Director and CEO for the past two years and will remain with the business during his six-month notice period to facilitate the transition.
With over 20 years' experience in executive leadership roles and a background in building and executing sales strategies, AD1 Chairman Andrew Henderson believes Brendan is the "ideal" person to lead the company as it moves to target aggressive revenue growth through the next phase of its strategy.
The Australia-based company provides an online database and search platform that links employers and job candidates directly to live job opportunities on employer websites.
Brendan began working with AD1 just over three months ago with the responsibility to enhance focus on sales, marketing and customer retention.
As his superseded contract was flexibly extendable by written agreement, Mr Kavenagh decided to formalise this extension as CEO.
Andrew said Brendan's work over the past few months to help develop the company’s sales framework means he comes with a "deep understanding" of the business, its value proposition and growth aspirations.
The salary for the new CEO is an annual total fixed remuneration of $300,000.
Under a short-term incentive plan, Brendan is entitled to an annual achievement bonus.
The payment of up to $150,000 per year is based on the achievement of AD1's core strategic priorities including, revenue growth, exceeding the forecasted EBITDA, retention of customers, achievement of strategic acquisition priorities and effective promotion of the AD1 brand through investor relations.
The two-part annual short-term incentive plan also includes an annual overachievement bonus of $100,000, based on the achievement of
the same criteria.
Through the long-term incentive, Brendan will receive a transfer of the 15 million managing director share options.
Company shares were trading grey at 3.5 cents at 1:31 pm AEST.