Virgin Blue’s new CEO John Borghetti will earn up to $3.5 million a year in his role, according to a release made to the Australian Securities Exchange.
Borghetti will receive a $1 million base salary each year, as well as a short term incentive plan equivalent to the same amount as the base salary. In addition, Borghetti will be eligible to participate in a long term incentive plan, which would grant him share options over the next three years equivalent to 150 per cent of the fixed annual remuneration. Borghetti has also been appointed for an ongoing term, and will be required to give six months’ notice of his resignation.
Separately, Virgin Blue has announced that long time general manager of public affairs Heather Jeffrey is stepping down from May 17. She will be succeeded by Danielle Keighery, who has worked with the Virgin Group since 2003 in various senior marketing, communications and PR positions in the Asia Pacific region and London.