Former Western Australian Premier Mark McGowan has taken up his fifth job a year after dramatically quitting politics due to burnout.
His latest gig has already earned him stock options worth nearly $500,000 in potential earnings, which have risen 10 percent in the past 24 hours.
Mr McGowan was state leader for six years but rose to national prominence during the Covid pandemic due to his strict border closures that isolated the West from the rest of the nation.
Last May, he appeared visibly emotional when he announced his departure from the top job: “Today I announce that I will be stepping down as First Minister and Member for Rockingham.
‘I’m tired, extremely tired. In fact, I’m exhausted… this (job) is all consuming me. Combined with the years of Covid, it’s worn me out.
“I simply do not have the energy or drive to continue in the role of prime minister or to fight an election.”
By October, he had four jobs: one as a senior adviser at former federal treasurer Joe Hockey’s consulting firm, Bondi Partners, and another as a strategic adviser at Mineral Resources.
The fatigued former politician also joined BHP as a consultant and served on an advisory panel for disability employment provider APM Human Services International.
On Monday, Frontier Energy CEO Adam Kiley announced that McGowan had been appointed as the company’s new non-executive chairman and reportedly received two million stock options.
Mark McGowan (pictured with his wife Sarah) has taken on five jobs since leaving politics due to burnout.
Mark McGowan is shown speaking to the media on his final day in office, June 2, 2023
The first 1 million options are exercisable at $0.20, another 500,000 options are exercisable at $0.25, and the remaining 500,000 options are exercisable at $0.40, all expiring in December 2027.
At the beginning of August, FHE shares were worth around $0.40. Since McGowan’s hiring was announced, their value has risen to $0.51, which would give him a potential profit of $495,000.
On Tuesday, he told mining.com.au he was excited about the company’s Waroona Project, which is about 120 kilometres from Perth and is touted as one of the largest renewable energy programs in the country.
“Frontier’s Waroona Project stands out as a significant asset in Western Australia’s transition, at a time when energy security is paramount and the state continues to experience new demand records,” he told the website.
“This is the first step in our strategy to become a large-scale producer of renewable energy.”
It will start on September 2nd.
Mark McGowan was thrilled to announce he will be leaving politics in 2023 (pictured)
Earlier this year, the McGowan clan sold their Rockingham home for $1.6 million (pictured)
The appointment represents the latest achievement in what has already been a big year for the McGowan clan.
In January, the former prime minister and his wife Sarah sold their sprawling Rockingham home for $1.6 million, before buying a new six-bedroom home in Fremantle for $3 million.
They purchased the Rockingham property for $527,000 in 2002, tore down the existing house and built a two-story, four-bedroom home with waterfront views.
In June, she was one of six people appointed a Companion of the Order of Australia in honour of the King’s birthday in 2024.
“My deepest thanks to the people of WA for being so kind to me,” he said at the time.
‘Thank you to my former colleagues, staff and the Labour Party.
“I was very lucky to have his support during my time as Prime Minister and throughout my parliamentary career; without that support I would have achieved nothing.”
