Ridley (ASX:RIC) agreed to a retention arrangement for its chief executive Quinton Hildebrand, meant to secure his services through to the end of fiscal year 2028, according to a Thursday Australian bourse filing.
The firm agreed to a retention incentive in the form of the issuance of 1 million special purpose rights, subject to approval from the firm's shareholders at its next annual general meeting.
The special purpose rights will be governed by the Ridley Corporation Special Purpose Retention Incentive Plan, conditional upon Hildebrand remaining employed as the firm's CEO for a three-year performance period.
The firm's shares fell past 6% in recent trading on Thursday.
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