Vulcan Steel adjusts CEO remuneration package ahead of 2025 departure

Vulcan Steel Limited announced a variation to the employment terms of its managing director and chief executive officer, Rhys Jones, who is set to step down from his role at the end of December 2025. This follows an earlier announcement on 16 June 2025 regarding his departure.

As part of the revised agreement, Mr. Jones will not receive a pro-rata grant of performance share rights equivalent to NZ$2,380,000 for the financial year ending 30 June 2026. This amount represents 159% of his fixed annual remuneration under Vulcan's long-term incentive plan. Instead, Mr. Jones will be eligible for an at-risk cash payment incentive of NZ$397,000.

This cash incentive is contingent on the fulfilment of two performance criteria to the board's satisfaction by 31 December 2025. These criteria relate to senior management transition and the completion of Vulcan's acquisition of Roofing Industries Limited. If met, the payment will be made by 28 February 2026.