ASG CEO's pay tops $1m

Australian IT services outfit ASG paid its co-founder and chief executive Geoff Lewis a total remuneration of just over $1 million in the 12 months to 30 June 2008, it was revealed today.

Australian IT services outfit ASG paid its co-founder and chief executive Geoff Lewis a total remuneration of just over $1 million in the 12 months to 30 June 2008, it was revealed today.

Geoff Lewis
(Credit: ASG Group)

The pay details, unveiled in the firm's annual report, saw Lewis take home 20 per cent more than he did in the same period the year before, including a base salary of $650,000, which was up from $512,500 the previous year. The executive also received a substantial cash bonus of $91,748.

Other executives at ASG were not as lucky; while the base salaries of chief solutions officer and co-founder Stephen Tull and chief financial officer Dean Langenbach rose, their total remuneration packages decreased due to smaller bonuses and options grants awarded.

The news came after Lewis presided over a year of extremely strong growth at the company; ASG's top-line revenue grew 46.2 per cent to $110.9 million, with net profit after tax rising 28.4 per cent to $9.03 million.

In the year ASG picked up large new deals with organisations such as Multiplex, Virgin Blue, Ericsson, Hutchison Telecommunications and the Federal Department of Infrastructure, Transport, Regional Development and Local Government.

Financial analysts have commented that ASG is one of a number of mid-tier Australian IT services firms that are beginning to put some heat under the tails of large multinationals operating locally, such as IBM, EDS, Hewlett-Packard, CSC and Fujitsu. Other challengers include UXC, SMS Management and Technology and Oakton.

Today Lewis was confident that the uncertain economic environment stemming from issues in the United States would not slow ASG down.

"Our chosen market segments have not shown signs of slowdown in activity, with record levels of new bids due for decision in the medium term," he said in a statement to the Australian Securities Exchange.

ASG has a substantial partnership with software giant Oracle and is also intensifying its push into the health and education sectors, as well as shared services work in the public sector.