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.
- 1 The political parties aren't all the same – which means 2015 will be a 'big-choice' election
- 2 President of Argentina adopts Jewish godson to 'stop him turning into a werewolf'
- 3 ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
- 4 The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
President of Argentina adopts Jewish godson to 'stop him turning into a werewolf'
Exclusive: Abusers using spyware apps to monitor partners reaches 'epidemic proportions'
ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
UK weather: Warning for more snow and ice as freezing temperatures and gales hit Britain
Three killed at South Korean nuclear reactor days after hackers target country's atomic agency
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
Immigrants make UK racist, says Ukip councillor Trevor Shonk
BBC director Danny Cohen: Rising UK antisemitism makes me feel more uncomfortable than ever
Nigel Farage: Ukip leader named 'Briton of the year' by The Times
iJobs Money & Business
Not specified: Selby Jennings: VP/SVP Credit Quant Top tier investment bank i...
Not specified: Selby Jennings: Quantitative Research | Global Equity | New Yor...
Not specified: Selby Jennings: SVP Model Validation This top tiered investment...
Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...