Vincent Tizzio’s appointment as the next chief executive and president of AXIS Capital Holdings has been formalized with his signing of an employment agreement that outlines how much he will receive in compensation while at the helm.
In a US Securities and Exchange Commission filing, AXIS noted that the agreement has a term of May 4, 2023 through December 31, 2026. There will be automatic successive one-year renewal periods unless either party gives prior notice of non-renewal.
Revealing the remuneration terms, AXIS said: “Under the employment agreement, Mr Tizzio’s annual base salary will be US$1,000,000, and he will be eligible to participate in the company’s non-equity incentive plan at an incentive target of 160% of his annual base salary. Mr Tizzio will be eligible to participate in the company’s executive long-term equity compensation plan (as amended and restated from time to time).
“In addition, Mr Tizzio will be entitled to participate in the employee benefit plans that the company customarily makes available to its executive officers. Mr Tizzio will receive a promotional equity award valued at US$2,700,000, consisting of 40% time-based restricted stock units and 60% performance stock units.”
The contract, a copy of which has been made available here, also includes severance arrangements in the event that the employment is terminated upon Tizzio’s death or disability, by the company without cause, or by Tizzio with good reason.
Albert Benchimol’s successor came onboard in 2022 and currently serves as CEO of specialty insurance and reinsurance. His new role will take effect as of the close of business on May 4, the day of the group’s annual general meeting.
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