Business week in review
Sunday 17 February 2013
It's always good for a chief executive to know that he or she has the chairman's backing. So, Royal Bank of Scotland boss Stephen Hester must be positively beaming after Sir Philip Hampton threw himself on the grenade that is the Parliamentary Commission on Banking.
Sir Philip admonished MPs for criticising Hester's £7.8m remuneration deal, arguing the man charged with reviving the mainly state-owned bank's fortunes was only "modestly paid". Hester insisted that he wouldn't give up his bonus, saying "it is entirely appropriate for me to be assessed on what I have done" – and he thinks that he has helped rescue RBS "for society and for its stakeholders".
Another chief executive used to seeing his name in the headlines is BP's Bob Dudley, who was awarded a £2.6m bonus in cash and shares on Tuesday. Including salary, Dudley's payout for 2012 came in at around £3.7m, despite the oil giant's share price falling slightly over the year.
On Wednesday, Liv Garfield continued her assault up Britain's corporate ladder being named as a non-executive director at Tesco. Garfield is the boss at BT Openreach division, which is rolling out superfast broadband in the UK.
...at a loss
Barclays dominated the news agenda early in the week, as the bank attempted to distance itself from the very recent past by axing 3,700 jobs and shutting the structured capital markets division. That was the unit that operated highly complicated tax avoidance schemes and was put under the BBC's forensic microscope ahead of Tuesday's results.
Among all the talk of job losses, business shake-ups and £1.7bn a year cost savings, it would be easy to overlook that the most aptly-named banker in the industry's history, Rich Ricci, has survived the cull of the Bob Diamond-era of executives. However, later in the week Ricci felt compelled to confirm he's not leaving any time soon.
Also on Tuesday, G4S boss Nick Buckles – who is still fighting a one-man campaign to bring back the mullet – and his board totted up the final cost of the security giant's failure to provide enough guards at the London Olympics at £70m. Most of this was the cost of drafting in the military to help out.
On Wednesday, the high-street bloodbath continued as the chief executive of Republic Paul Sweetenham saw the Leeds-based youth clothing retailer fall into administration.
- 1 Secret Cinema interview: Why were Back to the Future screenings cancelled?
- 2 Christians: The world's most persecuted people
- 3 Israel-Gaza conflict: The secret report that helps Israelis to hide facts
- 4 Students offered grants if they tweet pro-Israeli propaganda
- 5 Iraq crisis: End 'very near' for Christianity after Isis takeover, says Bishop
Israel-Gaza conflict: John Prescott condemns bombardment of Gaza as a 'war crime'
Thatcher ‘was warned of Tory child sex party claims’
Israel-Gaza conflict: President Obama presses Netanyahu to call ‘immediate and unconditional’ Gaza ceasefire
Lauren Goodger sex tape: Reality star calls for tougher laws on revenge porn after intimate video leaks online
Iraq crisis: End 'very near' for Christianity after Isis takeover, says Bishop
Israel-Gaza conflict: The secret report that helps Israelis to hide facts
A day in the life of Vladimir Putin: The dictator in his labyrinth
Opponents of Israel's military operation in Gaza are the real enemies of Middle Eastern peace
Were 'Poor Doors' added to mixed developments so wealthy residents don't have to go in alongside social housing tenants?
Arizona execution lasts two hours as killer Joseph Wood left 'snorting and gasping' for air
Malaysia Airlines MH17 crash: Massive rise in sale of British arms to Russia
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