Cheers Diageo! Walsh walks off with £46m retirement
The former chief executive of Diageo had amassed a shares and pension retirement fund of more than £46m when he stepped down this summer.
During his 13 years in charge Paul Walsh massively boosted the market value of the drinks giant, which owns Guinness and Johnnie Walker whisky. He held ordinary shares worth £16.1m when he retired on 30 June, based on yesterday’s share price of £20.87.
He retains options over 1.5 million shares, valued at £11.6m, which he can buy at a weighted average of £11.96 – against a share price of £19.68 over the three months to the end of June. The payout of these options is dependent on the group hitting its targets.
Mr Walsh – who joined Grand Metropolitan’s brewing unit in 1982, before it formed part of Diageo – also retired with a pension pot of £18.5m.
Despite these riches, his total pay package fell by 19 per cent to £2.5m last year, after a sharp reduction in his annual bonus.
Since the year end, Mr Walsh, who remains an adviser to the new chief executive and chairman, has sold shares worth about £3m.
Ivan Menezes, Diageo’s chief operating officer, replaced him as chief executive in July. The new boss will have a salary of £1m, compared with the £1.23m received by Mr Walsh last year.
The Independent's live blog of today's Premier League action
- 1 Scottish referendum: So how about the English now being given a chance to split from England?
- 2 Stamford Hill council removes 'unacceptable' posters telling women which side of the road to walk down
- 3 Kim Kardashian 'nude pictures' leaked on 4chan weeks after Jennifer Lawrence 'The Fappening' scandal
- 4 Matthew Miller: American sentenced to hard labour in North Korea 'wanted to be Snowden II'
- 5 Iranian blogger found guilty of insulting Prophet Mohammad on Facebook sentenced to death
Stamford Hill council removes 'unacceptable' posters telling women which side of the road to walk down
Kim Kardashian 'nude pictures' leaked on 4chan weeks after Jennifer Lawrence 'The Fappening' scandal
Isis in Syria: 60,000 Kurds flee terror in new exodus
Iranian blogger found guilty of insulting Prophet Mohammad on Facebook sentenced to death
4Chan naked photos leak: Celebrity Twitter reactions to the mass breach of privacy
Scottish independence referendum: A nation divided against itself
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Russia freezes Ukraine into submission: Kiev admits country doesn't have enough fuel for winter
Archbishop of Canterbury admits doubts about existence of God
Portuguese academic says British are 'filthy, violent and drunk'
iJobs Money & Business
£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...
Up to £100k or £450p/d: Saxton Leigh: My client is a leading commodities tradi...
£320 - £330 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
To £75,000 + Pension + Benefits + Bonus: Saxton Leigh: My client is looking f...