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.
Geoffrey Macnab does not like the comedian's big screen debut
Look beyond the usual shows for the best festive telly
The battle for control of Stieg Larsson's £30m legacy
French pub fined €9,000 after customers returned empties to bar - because it's 'undeclared labour'
The unluckiest people of the year 2013
PAs cleared of fraud - and Nigella Lawson left reeling at 'ridiculous sideshow' of drug allegations and public dissection of her marriage to Charles Saatchi
Burglar steals video tapes of child abuse, hands them into police
Paul Walker's daughter Meadow attends Justin Bieber Believe premiere
- 1 French pub fined €9,000 after customers returned empties to bar - because it's 'undeclared labour'
- 2 Sun will 'flip upside down' within weeks, says Nasa
- 3 #Teamnigella: It’s the only side to be on
- 4 Christmas comes early: Justin Bieber is 'retiring from music'
- 5 Burglar steals video tapes of child abuse, hands them into police
- < Previous
- Next >
iJobs Money & Business
£50000 - £75000 per annum + benefits + bonus: Harrington Starr: Project Manage...
£60000 - £90000 per annum + benefits + bonus: Harrington Starr: Business Analy...
£Negotiable: Citifocus: High calibre individual with institutional client serv...
£120000 - £150000 per annum: Cornwallis Elt : Programme Manager, Strategy Lead...