Codan (ASX:CDA) revised the employment and remuneration arrangements of Chief Executive Alf Ianniello, effective July 1, following strong company performance that delivered a 486% total shareholder return across fiscal 2024 to fiscal 2026, according to a Wednesday Australian bourse filing.

Ianniello's revised remuneration arrangements include fixed remuneration of AU$1.8 million annually, with a short-term incentive of AU$1.8 million at target and up to AU$2.7 million, while the long-term incentive will be AU$1.4 million at target and up to AU$3.2 million, the filing said.

Ianniello will remain in an ongoing role with a 12-month notice period and be subject to post-employment non-solicitation and non-compete restrictions for up to 24 months, the filing added.

The company's shares were up nearly 2% in recent Wednesday trade.