(Bloomberg) -- Hong Kong's new stock exchange boss will earn a higher basic salary than his predecessor when he takes over on Monday.
Nicolas Aguzin, incoming chief executive of Hong Kong Exchanges & Clearing Ltd., will receive a basic salary of HK$10 million ($1.3 million) a year, according to a statement Friday. That is 7.4% higher than his predecessor, Charles Li, who was paid HK$9.315 million.
Aguzin, a former banker at JPMorgan Chase & Co., will serve a term of three years. He will also be awarded 211,756 shares of HKEX, worth HK$96 million as of Friday's close at HK$453.6 apiece. Half of the stock will be cashable after one year of employment and the balance after the second.
The bourse said the shares are “compensation for loss of unvested long-term incentives earned through his service with his previous employer.” Aguzin is also eligible to receive a bonus and more shares, based on performance.
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