MyState CEO Melos Sulicich is staying on to help steer the firm through COVID-19 pandemic. Image by PR HANDOUT IMAGE PHOTO

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MyState CEO delays exit amid virus chaos

2020-03-24 16:12:44

MyState chief executive Melos Sulicich will delay his exit from the Tasmanian-based financial group to help steer it through the coronavirus crisis. 

Mr Sulicich announced in January he would the Hobart-headquartered firm in July and return to Sydney.

On Tuesday the company said Mr Sulicich agreed to extend his employment contract for at least 18 months. 

He’ll continue to earn a salary of $625,000, including superannuation, in line with his remuneration package announced to the market in May 2018.

“Melos knows our business very well and his ongoing leadership will ensure we get through this challenging period as a strong bank, focused on our customers and our communities,” MyState chair Miles Hampton said. 

MyState shares closed 0.61 per cent higher at $3.31 on Tuesday.

The company’s stock has still fallen by more than a third this year amid a collective 36 per cent dive for the wider financial sector. 

MyState’s shares had been on an upward trajectory in February when it announced it had boosted its first half profit 5.3 per cent to $15.1 million.

The result for the six months to December 31 was largely driven by improved banking net interest income, which was up 9.1 per cent to $48.2 million.