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 Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
- 2 The secret report that helps Israelis to hide facts
- 3 Danish TV reporter is all business up top, all party down below
- 4 Ross Burden dead: MasterChef and Ready Steady Cook star, dies aged 45
- 5 Businessman charged £75 for three small bottles of water in London hotel
The secret report that helps Israelis to hide facts
A day in the life of Vladimir Putin: The dictator in his labyrinth
Were 'Poor Doors' added to mixed developments so wealthy residents don't have to go in alongside social housing tenants?
A new Russian revolution: The cracks are starting to appear in Putin’s Kremlin power bloc
Arizona execution lasts two hours as killer Joseph Wood left 'snorting and gasping' for air
Opponents of Israel's military operation in Gaza are the real enemies of Middle Eastern peace
iJobs Money & Business
Data Governance Manager (Solvency II) – Contract – Up to £450 daily rate, 6 month (may go Permanent)
£350 - £450 Per Day: Clearwater People Solutions Ltd: We are currently looking...
£500 - £560 per day: Orgtel: Java Developer FX - Banking - London - Up to £560...
£350 - £400 per day + competitive: Orgtel: My client, a leading bank, is curre...
£26000 - £30000 per annum + Benefits: Ashdown Group: Account Manager - (Produc...