- Information technology company, Adveritas (AV1) extends CEO Mathew Ratty’s contract to mid 2025 and increases his salary to $350,000 per annum
- Adveritas says the contract extension is of “material benefit” to the company as it continues to execute its growth strategy
- Alongside his salary increase, Mr Ratty will also receive 5 million performance rights for remaining in the role until the end of 2024, subject to shareholder approval
- Adveritas Chair Stephen Belben says the company is “pleased” to extend Mr Ratty’s contract, who will “lead the company through its next phase of growth”
- AV1 shares closed at 8 cents per share on Wednesday afternoon
Information technology company Adveritas (AV1) has extended CEO Mathew Ratty’s contract to mid 2025 and increased his salary to $350,000 per annum.
Adveritas said the contract extension was of “material benefit to the company as it continues to execute its current growth strategy”.
Mr Ratty had a base salary of $290,000 per year over the 2022 financial year, and along with the pay rise, he will also receive five million performance rights, subject to shareholder approval.
Mr Ratty will be given 2.5 million performances rights if her remains as CEO until December 31, 2023, and the other 2.5 million if he stays CEO until December 31, 2024.
“As co-founder and CEO of Adveritas, Mat is pivotal to the development and execution of the company’s global growth strategy,” Adveritas Chair, Stephen Belben said.
“On behalf of the board, I’m pleased that Mat has extended his contract.
“He is well placed to lead the company through its next phase of growth and achieving our aggressive growth targets that are expected to underpin substantial long term shareholder value.”
Mr Ratty has been CEO of Adveritas since March 2018.
AV1 shares closed at 8 cents per share on Wednesday afternoon.