ALIGNVEST PLACES SAGICOR RE­GIONAL HEADS ON THREE-YEAR CON­TRACTS

The Star (St. Lucia) - Business Week - - AGRICULTURE -

Alignvest Ac­qui­si­tion II Cor­po­ra­tion, the Cana­dian en­tity seek­ing to ac­quire Sagicor Fi­nan­cial Cor­po­ra­tion, has ne­go­ti­ated ini­tial three-year con­tracts with the coun­try heads in Bar­ba­dos, Ja­maica and the United States, with an au­to­matic one-year re­newal for suc­ces­sive pe­ri­ods.

The base pay of the three ex­ec­u­tives com­bined will be US$1.58 mil­lion per an­num, 45 per cent of which will flow to Sagicor Fi­nan­cial’s Group Pres­i­dent and CEO Do­drige Miller, but whose com­pen­sa­tion will be ad­justed af­ter the first year, Alignvest said in mar­ket fil­ings.

“Over­all, the value of Mr Miller’s to­tal com­pen­sa­tion is ex­pected to be sub­stan­tially less for the year ended De­cem­ber 31, 2019, than for the year ended De­cem­ber 31, 2018,” Alignvest said.

The other two ex­ec­u­tives cov­ered in the fil­ings are Christo­pher Zacca, who over­sees the op­er­a­tion in Ja­maica, and Bart Cat­mull, who is in charge of the US mar­ket. The com­pen­sa­tion pack­age for Miller in­cludes stock op­tions; and cash bonus in­cen­tives and other ben­e­fits for Zacca and Cat­mull.

To in­cen­tivise Miller to take the pay cut, Alignvest said the group CEO would be en­ti­tled to a seven-fig­ure pay­out, with “a one-time lump sum cash pay­ment equal to US$1.3 mil­lion in con­sid­er­a­tion”.

Alignvest plans to ac­quire all the shares of Sagicor Fi­nan­cial, delist the com­pany in the three mar­kets in which its trades, that is, Bar­ba­dos, Trinidad and Lon­don, and list New Sagicor on the Toronto Stock Ex­change. The trans­ac­tion is ex­pected to close next year.

Nei­ther Sagicor nor Zacca has re­sponded to re­quests for com­ment on the con­tract ar­range­ments.

“The term of Mr Zacca’s em­ploy­ment agree­ment is ini­tially for three years, with au­to­matic re­newal for suc­ces­sive one-year pe­ri­ods, un­less ei­ther of the par­ties ter­mi­nates the em­ploy­ment agree­ment in ac­cor­dance with its terms,” said Alignvest.

The Cana­dian firm is still to iron out em­ploy­ment de­tails for at least two other ex­ec­u­tives, Chief Op­er­at­ing Of­fi­cer Ravi Ram­bar­ran and Chief Fi­nan­cial Of­fi­cer An­dre Mousseau, but said it ex­pects to fi­nalise their ar­range­ments prior to the com­ple­tion of the takeover of Sagicor. Ar­ti­cle orig­i­nally pub­lished in the Ja­maica Gleaner

Christo­pher Zacca, Pres­i­dent and Chief Ex­ec­u­tive Of­fi­cer of Sagicor Group Ja­maica Ltd.

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