Technology CEO selected to lead Praemium

Praemium has selected the former chief executive of Vision BioSystems and Genetic Technologies, Michael Ohanessian, as its new group chief executive.

Ohanessian's terms of appointment include a $400,000 per annum base salary plus superannuation, with a notice period of nine months, according to a statement on the Australian Securities Exchange.

Short-term incentives include a bonus of 30 per cent of base salary on achievement of budget EBIT (earnings before interest and tax) and up to a maximum of 50 per cent based on outperformance, the statement read.

For long-term incentives, Ohanessian will be granted one million options having a five year term which will be exercisable from 10 August 2013 to 9 August 2016; the exercise price will be 15 cents in the first year, 25 cents in the second, and 35 cents in the third year of that period.

Ohanessian will also be entitled to participate in the Praemium directors and employees benefits plan and will be issued with five million performance rights which will be vested on achievement of key performance indicators.

Ohanessian previously had a 10-year career at Mobil Oil, and worked at Boston Consulting Group before his roles at Vision BioSystems and Genetic Technologies. More recently, he has been involved in investment management and corporate advice with Lion Capital.

He will work particularly closely with Praemium's UK team to expand its presence in the UK financial services market, Praemium stated.