Matthew Melhuish signs up to lead Enero for another four years

The boss of marketing group Enero Matthew Melhuish has extended his contract by another four years, the company has told the ASX.

Matthew Melhuish Enero

Enero will pay him just under $900,000 a year in salary and super, plus a bonus of up to a further 70% of his salary if the organisation’s revenues and profits improve.

Melhuish was previously on a bonus scheme linked to improving Enero’s share price. The share price has declined by 35% over the last 12 months and by about 13% over the last week. The market capitalisation of Enero currently sits at just under $60m.

Melhuish, whose current contract expires at the end of this month, will also be given a new incentive scheme which will see him given rights to a further million shares in the company over the next three years based on growth in share price.

enero logoEnero’s companies include ad agency BMF, PR agencies Frank PR, Hotwire and CPR, and strategy shops Naked, Jigsaw and The Leading Edge. The Enero portfolio is what remains of Photon Group which teetered on going out of business five years ago. Melhuish’s basic salary is less than half of that claimed by the organisation’s management before Photon imploded.

Enero chairman John Porter said: “The board is pleased to extend Matthew’s term for another four years and are looking forward to his continued leadership of the group. The foundation now in place will provide many opportunities in line with our strategy for the next four years.”

Melhuish – the M in BMF,  – was put in the Enero hotseat at the beginning of 2012. Last year saw Enero revenues decline slightly to $119.5m, but profits improve to $9m.

However, the group has seen a great deal of management churn with all but one of the Enero agencies seeing at least one change of leadership.

In May, respected adland veteran Russel Howcroft, joined the Enero board.

Tim Burrowes


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