That was one of my initial thoughts as well, but after considering it further I doubt there will be much of any raise, although I’m sure it will increase his total comp package as he will almost certainly get more option awards with the new title.
He actually made $225k the last fiscal year. MS made $270k. We probably won’t know FY2021 salaries until September, but I think it’s unlikely that anyone without a title change would get a salary increase, and even more unlikely that the COO would make as much as the CEO, so realistically he’s probably “capped” at the $250k number you mentioned. A relatively insignificant increase in the grand scheme of things, plus MS is paying it all anyways so what difference does it make?
I think the real story here is that this is likely phase 1 of Mark’s exit plan. Give Scott a new title to groom him for 6-12 months and then Mark steps down and Scott is named CEO and Chairman of the board.
Marks got to be looking for a way to get out of this thing, recoup his investment or even make some money, and keep his reputation with NioCorp shareholders intact. It’s really the only way he can quietly sell his shares without alarming shareholders. It really works quite well from a PR and marketing perspective. MS can blame the delay on COVID and simply say it’s his time to step down and let the younger Honan, who really knows the technical side of the project better than anybody, take the reins and see this to the finish line.
Or I’m wrong and the “Big F” will be announced as soon as markets close today......
