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Cleanaway Waste Management (ASX:CWY) - Incoming CEO and Managing Director, Mark Schubert - The Market Herald
Incoming CEO and Managing Director, Mark Schubert
Source: Origin Energy
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  • Cleanaway Waste Management (CWY) has appointed Origin Energy's (ORG) Executive General Manager as its new Chief Executive Officer and Managing Director
  • Mark Schubert’s appointment comes with a yearly salary of $1.4 million per annum, with a short-term incentive opportunity of 100 per cent of the salary for on-target performance
  • The new CEO will commence in the role in the new financial year, with Mark Chellew remaining in the role of Executive Chairman in the interim
  • Company shares are up 1.07 per cent, trading at $2.83

Cleanaway Waste Management (CWY) has appointed Origin Energy’s (ORG) Executive General Manager as its new Chief Executive Officer and Managing Director.

Mark Schubert’s appointment comes with a yearly salary of $1.4 million per annum, with a short-term incentive opportunity of 100 per cent of the salary for on-target performance.

To recognise the new appointee’s forfeiture of certain incentives with his current employer, a sign on entitlement of $1.8 million will be made three months after his commencement. This will comprised of a cash payment of $400,000 and a grant of restricted rights on commencement of employment to the value of $1.4 million.

The rights will convert into shares in three separate tranches on yearly anniversaries of Mark Schubert’s beginning date, subject to the new CEO remaining employed by Cleanaway.

Mark Schubert previously held the role of Executive General Manager, Integrated Gas at Origin Energy for the past four years, prior to which he held a number of senior positions with Shell Group, spanning over 18 years.

“He inherits a business in a strong financial position and is well positioned to further leverage our leading market footprint and infrastructure,” said Cleanaway Executive Chairman Mark Chellew.

“Mark will work with our executive team to build on the momentum in our business including our recently announced asset acquisitions from Suez.”

Schubert will commence in the role in the new financial year.

Mark Chellew will remain in the role of Executive Chairman in the interim, continuing to be supported by Chief Operating Officer Brendan Gill.

Company shares are up 1.07 per cent, trading at $2.83 at 1:50 pm AEST.  

CWY by the numbers
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