Suncorp man vows to stay the course. Suncorp chief executive Patrick Snowball is set to collect a healthy pay rise after committing to stay on with the insurer until at least 2015 and finish the overhaul of the company he started in 2009.
Snowball’s four-year commitment will see him move to a rolling contract from his current fixed arrangement and his remuneration increase to $2,550,000 from September 1, with a short-term incentive entitlement of 125% of fixed remuneration to a maximum of 150%. Not bad for a man at the helm of a company that posted a 42% profit drop this week. — Angela Priestley (read the rest here)
RA RA RASPUTIN: One.Tel liquidator still kicking rich kids. Not sure whether One.Tel’s special purpose liquidator Paul Weston is Rasputin or Dracula, but he’s certainly proving hard to kill. More than 10 years after Jodee Rich’s fabulous phone company collapsed with close to $1 billion of the Packers’ and Murdochs’ money, Weston again has risen to threaten another legal action for damages.
It was only in May that Weston was knocked back by the NSW Supreme Court in his efforts to sue six One.Tel directors (including James Packer and Lachlan Murdoch), ex PBL boss Peter Yates, and three firms of professional advisers for $132 million (which had ballooned to $244 million with interest). — Paul Barry (read the rest here)
Power legend or not? Eddie Obeid. A small, slight, greying, bespectacled father of nine, now nearing 70, Eddie Obeid dominated NSW Labor politics for almost two decades. “He who must be Obeid” was leader of the Terrigals, the sub-faction that stood for everything the public hated about NSW Labor: arrogance, self-interest, perceived corruption, power at all costs and a disdain for the electorate.
Born in Lebanon, Obeid came to Australia as a six-year-old and settled in Redfern, where he became an altar boy. After selling newspapers on the street corner, he graduated to owning ethnic newspapers, such as the El Telegraph in Bankstown, and became a big donor to the ALP before being given an upper house seat in 1991. — Paul Barry (read the rest here)