Emeco extends boss Ian Testrow’s contract out to 16 years in new $26 million deal
The $26m contract extension will make Ian Testrow one of the ASX’s longest-serving chief executives.
Emeco’s Ian Testrow is set to become one of the ASX’s longest-serving chief executives under a near $26 million contract extension that pushes his well-paid tenure out to 16 years.
The mining equipment hire group has contracted Mr Testrow for a further four years until June 2031, extending a four-year deal that was due to expire next year.
Emeco chair Ian Macliver said the new contract “recognises Mr Testrow’s operational leadership and contribution to Emeco’s strategic repositioning”.
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By continuing you agree to our Terms and Privacy Policy.“The revised arrangements support continuity of leadership as Emeco executes the next phase of its corporate strategy,” he said.
Emeco shares were 1.5 per cent higher at $1 as at 9.30am.
The extension includes an 18 per cent increase in Mr Testrow’s annual fixed pay to $1.6m from July 2027.
On top of that, his maximum short and long-term bonuses have been increased to a cumulative 300 per cent of his fixed salary, lifting his total possible remuneration to $6.4m a year.
Chief executive since 2015, Mr Testrow is already one of WA’s highest paid company bosses, regularly placing in the top-10 of The West Australian’s list of best paid ASX chief executives, even though Emeco’s market value of $516m doesn’t even rank it in the State’s 75 biggest companies by capitalisation.
He pocketed a State high $11.4m for the 2018-19 year thanks to hefty rewards of stock.
Emeco’s last annual report showed he earned $4.76m for the 2025 financial year.
More to come...
