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Lovisa names John Cheston global CEO with $11.75m incentive package

The ASX-listed jeweller has tied his pay to steep EBIT growth targets to accelerate overseas store expansion.

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Overview

  • Cheston will be paid a $2.35 million base salary and is eligible for annual cash bonuses up to $2.35 million tied to 18 percent and 30 percent EBIT growth thresholds.
  • He could receive up to $7.05 million over three years under a long-term incentive plan if annual EBIT growth of 30 percent or more is maintained.
  • Mark McInnes has been appointed executive deputy chairman with a cash salary of $2 million.
  • Following the leadership announcement, Lovisa’s shares surged 8.2 percent to $31.74.
  • The ASX-listed retailer operates 943 stores worldwide and reported $405.9 million in half-year revenues and $56.9 million in profits while expanding into Africa and Central America.