SAI GLOBAL LIMITED Head Office
Level 37, 680 George Street Sydney NSW 2000 Australia www.saiglobal.com
SAI Global Limited
ABN 67 050 611 642
MEDIA & ASX ANNOUNCEMENT 5 November 2014
SAI GLOBAL LIMITED APPOINTS PETER MULLINS AS CHIEF EXECUTIVE OFFICER AND MANAGING DIRECTOR Plans for regional focus on integrated customer services, products and sales The Board of SAI Global Limited (ASX: SAI or "the Company") today announced that it has appointed Peter Mullins, the current Global Head of SAI Information Services, as SAI's new Chief Executive Officer and Managing Director.
The Company also announced a planned restructure of its operations along regional lines with the appointment of Paul Butcher, the current Global Head of SAI Assurance Services, to the newly created role of Global Head, Sales and Marketing. In this role Mr Butcher will be responsible for finalisation and implementation of an integrated range of customer services, products and sales teams, organised regionally, across the Company's three divisions, which will be in place in early 2015.
SAI Executive Chairman, Andrew Dutton, said: "Peter Mullins has achieved outstanding results in the role of Global Head of SAI Information Services.
"Under Peter's management the Australian Property Business has become the largest provider of mortgage settlement services in Australia, servicing the big four banks and many other financial institutions. In the Standards business, he has driven the development of a global platform and unique software and services to facilitate better outcomes for clients, which are now beginning to deliver revenue growth.
"Peter has proven himself a very capable leader, managing a large international team and successfully integrating a number of recent acquisitions.
"He is highly respected by SAI's staff, management and Board and, in the last twelve months, Peter has assumed considerable additional responsibilities, designing and leading much of the business transformation process and planning.
"As a result he is now ideally placed to ensure a smooth leadership transition and to drive the Company's integration and growth strategy," said Mr Dutton.
Prior to joining SAI, Mr Mullins was Managing Director of Unisys Insurance Services in the UK, a subsidiary of Unisys, the global information technology company. Before joining Unisys, he served at Executive Director level in roles in Information Technology and in Customer Services with AMP.
Mr Mullins said that, despite the considerable distractions for management from the recently closed expressions of interest process that the Company conducted, planning is well underway to move SAI Global to a global Sales and Marketing function backed by regionally aligned operations.
"I am also very pleased that Paul Butcher has agreed to lead the Global Sales and Marketing initiative which will be focused around the three regions of APAC, EMEA and the Americas.
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We will be announcing details of the integration plan in early 2015," Mr Mullins said.
While the detailed integration plan is being finalised, Mr Butcher will continue to lead the SAI Assurance division and take on leadership responsibility for the Standards, Technical and Information Services division. Tim Whipple, Global Head of the Compliance division is leaving SAI Global to pursue other opportunities. Michael Orrick, Head of Compliance Sales and Marketing and Jan Kruger, Executive Vice President of Compliance will jointly lead that business, reporting directly to Peter Mullins in the interim.
Mr Mullins said: "I am confident that the plans we are finalising now will see SAI Global well placed to achieve further improvements in its cost base and the efficiency of its processes."
"A considerable amount of hard work has gone into the business this year and we saw the beginnings of a turnaround in profitability toward the close of FY14, however, a lot remains to be done," he said.
Mr Mullins will commence as CEO and join the SAI Board immediately. Andrew Dutton will simultaneously step down from his role as Executive Chairman, retaining the position of Chairman of SAI Global. At the same time, Peter Day will relinquish his role as Deputy Chairman, but remains as a Director and Chairman of the Audit & Risk Committee.
A summary of the key provisions of Mr Mullins' employment agreement is set out in Attachment A.
ENDS
Andrew Dutton GRACosway - John Frey
+61 2 8206 6807 +61 411 361 361
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Head Office
Level 37, 680 George Street Sydney NSW 2000 Australia www.saiglobal.com
SAI Global Limited
ABN 67 050 611 642
MEDIA & ASX ANNOUNCEMENT 4 November 2014
Attachment A Key Terms of Contract Peter Mullins, Chief Executive Officer and Managing Director, SAI Global Limited1. Term & Termination
1.1 TermThe appointment is a permanent appointment effective as at 5 November 2014.
1.2 Termination
Mr Mullins is required to give 6 months' notice of termination. The Company is required to give
Mr Mullins 6 months' notice of termination. There are no separate termination payments.
2. Remuneration
2.1 Fixed Salary PackageMr Mullins will receive a fixed annual package of $AUD800,000, which includes superannuation. This amount is reviewable at the Board's discretion each year.
2.2 Short Term Incentives
Mr Mullins will be entitled to annual short term incentive payments of up to 50% of his current fixed package. The Short Term Incentive scheme has two (2) components:
* Component 1: 75% will be based on the financial performance of SAI Global Limited
* Component 2 25% will be based on Mr Mullins' own personal performance in relation to a set of agreed non-financial objectives, and will not be payable unless some
element of Component 1 is earned.
Payment terms for Component 1 are as follows:
Percentage of Target Reached 95% 100% 105%
Percentage of Opportunity Paid 25% 75% 100%
2.3 Long Term IncentiveMr Mullins will be entitled to participate in SAI Global's Executive Incentive Plan (the Plan) and to receive incentives valued at 65% of his total fixed remuneration, subject to shareholder approval.
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The Board will seek shareholder approval for Mr Mullins' participation in the Plan. Further details will be set out in the 2015 Notice of Annual General Meeting.
Participation by Mr Mullins in the Plan will continue to be in accordance with the principles of the Plan which also apply to other senior executives of SAI Global Limited. Details of the current plan are outlined on http://www.saiglobal.com/www.saiglobal.com.
3. Restrictive covenants
Mr Mullins will be subject to 12 months restrictions after termination of his employment with SAI Global Limited.
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