SGX starts planning for CEO transition without setting a date
Loh Boon Chye’s employment contract expires in mid-July 2027, while the exchange operator has reported record annual earnings.
NEXTDC cuts executive incentives and board fees after project delay
CEO Craig Scroggie will give up fiscal 2027 bonus opportunities after the Australian data center operator lowered its revenue outlook and halted future developments.
Australian data center operator NEXTDC announced on October 26 that its CEO, Craig Scroggie, would relinquish fiscal 2027 bonus opportunities. The move follows a cut to the company’s revenue forecast and a pause in future developments.
NEXTDC attributed the revenue setback to delayed electricity network upgrades affecting a major project in Melbourne. It had said those delays would push about A$140 million in contracted customer revenue out of the current financial year.
The board has dropped a resolution covering grants to Scroggie under the long-term incentive plan for fiscal 2027. The proposed awards comprised performance rights and restricted rights.
A separate proposal to lift the total annual pay ceiling for non-executive directors by A$300,000 has also been withdrawn. Serving non-executive directors voluntarily accepted a 10% fee cut with immediate effect, NEXTDC said.
Chairman Douglas Flynn reiterated that he intends to retire once his replacement is installed and a short handover is complete. The board anticipates adding two non-executive directors during the first calendar quarter of 2027. The company’s annual general meeting is scheduled for November 20.