Liveris junior doing very well at Novonix
When Brisbane's proudest son Andrew Liveris was appointed last year to the board of an ASX-listed Queensland lithium battery company – incidentally chaired by his industrious brother-in-law Tony Bellas (the guy works 12 days a week!) and employing his son Nick Liveris – we thought he'd gotten himself a pretty sweet gig.
The share price then was $1, and in the fortnight after his appointment soared to $1.75. His hire came with 5 million options vesting progressively over time at 66¢. Not a bad welcome home gift for a former Dow chief with expensive tastes.
Though a year is a long time in a commodities boom. The price of lithium has been falling, and concept lithium businesses like Novonix (it's barely making any revenues yet) aren't the market's hottest ticket. Its share price is now at 45¢, meaning Liveris is now well out of the money on the 4 million options still due to vest. He has until 2021 to exercise them, so must be hoping things improve before then.
But if Liveris the elder isn't doing so well out of Novonix so far, at least his son is reeling it in.
On Thursday we marvelled at the salary of Liveris the younger. In FY18, he was paid $646,287 for the 11 months to June 30.
But get this. At $US1.5 million ($2.6 million) cash per annum, his base salary is now in a whole different league. And he can make a further $US150,000 ($206,510) each year for hitting set KPIs. Clearly he's picked up a few negotiating tips from his dad, who was paid $US65.6 million, or $90.4 million, in his last year at Dow Du Pont.
There's also the options and share rights worth $941,700 he was granted at the AGM on Thursday, though he'll need the share price to rise to 80¢ to see most of those.
According to the same notice of meeting, MD Philip St Baker is paid $150,000 a year in base salary while executive director Greg Baynton is paid $100,000. That's in local currency. They must wish their last name was Liveris ...
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