Diageo chief pockets £6m
Wednesday 15 September 2010
Paul Walsh, the chief executive of the world's biggest spirits group Diageo, saw his annual pay packet jump 72 per cent to more than £6m last year despite sluggish sales and profits growth at the world's biggest spirits group.
Mr Walsh, who has led the Smirnoff vodka and Johnnie Walker whisky maker for the past 10 years, saw his base salary frozen at £1.16m in response to economic conditions, according to Diageo's annual report yesterday.
However, he was paid £1.98m under an annual incentive plan based on profits, net sales and free cash flow, which with other benefits saw his annual salary rise to £3.18m from £1.71m the previous year.
Under a long-term incentive plan, Mr Walsh also received payments and made gains of £2.86m, making his total pay packet £6.04m, up from £3.50m previously. He received nearly half a million share options, which are due to vest 2012.
Another long-term performance-related share award, which was due to vest in September, lapsed, however, after failing to meet the performance targets set against peers.
In late August, Diageo said underlying sales and profits both rose just 2 per cent in its year to the end of June 2010 amid weak demand in North America and Europe. Its shares, however, rose by about a fifth in the year and Diageo raised its final dividend payout by 6 per cent.
- 1 Scarlett Johansson new band 'already hit with legal complaint' from another The Singles
- 2 Husband and wife die holding hands within hours of each other after 67 years of marriage
- 3 What color is The Dress, white and gold or blue and black? An eyewitness gives a definitive answer
- 4 The remarkable archaeological underwater discovery that could open up a new chapter in the study of European and British prehistory
- 5 'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Husband and wife die holding hands within hours of each other after 67 years of marriage
Mohammed Emwazi: Nine things we know about Isis militant 'Jihadi John'
What color is The Dress, white and gold or blue and black? An eyewitness gives a definitive answer
'Jihadi John': Mohammed Emwazi – from British computer programmer to Isis executioner
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Oscars 2015: Birdman beats Boyhood as Eddie Redmayne and Patricia Arquette win big - as it happened
New theory could prove how life began and disprove God
Half of Ukip voters say they are prejudiced against people of other races
'Cash for access' scandal: Sir Malcolm Rifkind says 'unrealistic' for MPs to live on £67,000 salary
This is what it's like to be dead, according to a guy who died for a bit
Aqsa Mahmood branded a 'disgrace' by her parents after claims she recruited three UK girls flying to Middle East
iJobs Money & Business
£40000 - £50000 per annum + pro rata: SThree: SThree Group have been well esta...
£30000 - £37000 per annum: Recruitment Genius: Established in 1999, a highly r...
£250-£300 Day Rate: Jemma Gent: Are you a qualified accountant with strong exp...
£230 - £260 Day Rate: Jemma Gent: Do you want to stamp your footprint in histo...