Austin Engineering CEO to retire at the end of financial year

Mining equipment company Austin Engineering has announced a revised remuneration package for its CEO and Managing Director David Singleton this financial year, and that Singleton will remain in his role until June 30, 2025.

In a statement on Monday, the Perth-headquartered company – which manufactures large dump truck bodies and other equipment for the mining sector – said that Singleton was initially appointed with a package heavily weighted towards growing the share price “via an award of options and a base pay set at less than half that of his predecessor.”

Singleton’s fixed remuneration is $800,000 per annum (including superannuation), applying for the 12-month period beginning today.  He will also be rewarded a short-term incentive of a $300,000 cash bonus, subject to meeting goals around safety, financial, and continuous improvement targets at the group.

“The Austin Board respects David’s decision to retire from his CEO and Managing Director roles at Austin at the end of the next financial year (FY25),” said Chair Jim Walker.

“David has ensured that we have a much stronger executive and business leadership team to manage a seamless handover whilst also being focused on delivering the business targets in FY25 driven by the very strong order book growth that has been achieved across the different business units. 

“Equally importantly I know that David is focused on setting Austin up for further growth in FY26 whilst ensuring that the business continues to invest in its future.”

Singleton joined the company as a non-executive director in 2019 and became CEO in July 2021. He is a former CEO of shipbuilder Austal.

Picture: credit Facebook

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