KONEKT LIMITED 
By
ASX Announcement
Friday 20th April 2012
The Board of Konekt Limited is pleased to announce the
appointment of Mr Damian Banks as Chief Executive Officer and
Managing Director. The appointment is effective immediately
and at the same time Mr Banks has resigned as Chairman of the
Company. Mr Banks has been Chairman and Interim CEO since
September 2011 and will remain a director of the company.
The Directors have appointed Mr Philip Small as Chairman of
the Company, on an interim basis, whilst the Board conducts a
search for a new independent Chair. Mr Small will remain as
Chair of the Remuneration Committee during this time.
Konekt Chairman, Mr Philip Small, said: "It has now been six
months since Mr Banks joined the Company and he has brought
new discipline, management expertise and culture to Konekt.
His leadership and customer focus have proved to be of great
value and Konekt is benefitting from the wide ranging changes
that have been introduced."
Attachment A: Damian Banks CV Summary
Attachment B: Philip Small CV Summary
Attachment C: Summary of key terms of Mr Banks' employment
agreement
For further information, please contact:
Philip Small Mr Damian Banks Chairman Chief Executive Officer
Konekt Limited Konekt Limited
Tel: 02-96505111 Tel: 02-96505111
Konekt is a publicly listed Australian company and the
largest private sector provider of workplace health and risk
management solutions. Our focus is on helping organisations
minimise workplace risk and the impact of workplace injury
resulting in reduced workers compensation premiums.
By examining a company's Workplace Health & Safety Management
System and key areas of an employee's lifecycle, Konekt can
assist in improving processes, identifying escalating costs
and non-compliance in workplace health and safety, risk
management and injury management.
Visit the Konekt website today
(www.konekt.com.au) to register for email alerts
and be among the first to know about the latest news and
announcements from Konekt.
Damian Banks has had a wide variety of roles across Banking,
Finance and Consulting in a career spanning over 20 years in
Australia. Most recently he has been a Consultant to the
Banking, Payments and Technology industries particularly in
the area of Strategy, Sales and Product Development. Since
September 2011 he has been Chairman and Acting CEO of Konekt
Ltd.
In the period 1994-2009, Mr Banks had a 15 year career with
Westpac Banking Corporation where he lead a number of
businesses within the Institutional Bank including Equities,
Financial Institutions, Health and Government and
Transactional Banking. Prior to leading these businesses, Mr
Banks was Head of Payments and Head of Telephone Banking in
the Retail and Business Bank.
Prior to Westpac, Damian worked at Citigroup and WR Grace
after leaving University where he received a Bachelor of
Economics. He is a Director of Kincoppal Rose-Bay School in
Sydney, and has interests in private investment
companies.
Mr Banks holds an interest in 10,508,144 shares (13.91%) of
the company.
Philip spent 10 years in the general insurance industry and
is a member of the Australian & New Zealand Institute of
Insurance and Finance. Since 1985, he has held a number of
senior management positions as a technology executive and was
President of Computer Science Corporation (CSC)'s Financial
Services Group in Asia Pacific, a position he held until
2001. Prior to CSC, Philip worked for Continuum and was
responsible for their operations in Asia Pacific between 1993
and 1996.
Formerly, Philip worked for Paxus Corporation where he headed
up their European division from 1988 to 1993 and led their
expansion to become the leading provider of insurance
software in Europe. Philip is a Director of Pillar
Administration, a State Owned Corporation that provides back
office administration services to superannuation funds,
FINEOS Corporation, an Irish software company.
This document provides a summary only of the key provisions of the employment agreement between Damian Banks and Konekt Limited.
1. AppointmentAppointed as Chief Executive Officer and Managing Director of the Company commencing on 20th April 2012.
2. TermNo fixed term. The appointment is subject to the termination provisions in the agreement.
3. Remuneration
(a) The fixed remuneration is $410,000 per annum, inclusive
of statutory superannuation contributions, which is reviewed
annually with the first review to occur on 30th
June
2013.
(b) Short Term Incentive (STI) of $160,000 p.a. based on
performance against key financial and non-financial goals set
by the Board.
(c) A one off Long Term Incentive (LTI) of $60,000 provided
by way of options as determined by the Board. Subject to
Shareholder approval, this grant shall be effective from the
date of the 2012 AGM. Vesting of the LTI will be subject to
meeting certain performance hurdles to be determined by the
Board prior to the grant and communicated to shareholders in
the Notice of the Annual General Meeting.
Either Konekt Limited or Mr Banks may terminate the agreement by providing three months notice in writing.
5. Miscellaneous
The agreement contains usual provisions:
(a) imposing restrictions on Mr Banks' ability to compete
with Konekt Limited or solicit clients or employees after
termination of his employment.
(b) imposing obligations on Mr Banks to keep information on
Konekt Limited confidential
(c) assigning intellectual property created during the course
of Mr Banks' employment to
Konekt Limited
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