SABMiller’s Graham Mackay bags £14m


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The Independent Online

Graham Mackay, the former chief executive of SABMiller, pocketed total pay of nearly £14 million last year after a lucrative share scheme paid up.

The brewer of the Peroni and Pilsner Urquell lagers announced in April that Mackay has a brain tumour and it repeated today that it is still too early to say when he will return as non-executive chairman.

Mackay took home a total package of £13.9 million for the year to March, compared with £5.9 million a year ago. The bulk of this increase came from the £7.7 million he received after a long-term incentive plan - bumped up by the strong rise in its share price - vested.

SABMiller’s shares are up by 9 per cent so far this year and have rocketed since Mackay floated the brewer in London in 1999. Someone who had invested £100 in SABMiller five years ago would now have £354 in their pocket, as opposed to the £136 based on the FTSE100 average.

Mackay’s diagnosis forced the company to bring forward by three months the anointment of Alan Clark, SABMiller’s chief operating officer, as chief executive. In April, Mr Mackay said SABMiller would be in "excellent hands" once Mr Clark took over as chief executive and that he was "inexpressibly proud" of the company.

He added: "I certainly do not expect there to be any impact from this development on [SABMiller's] operations or strategic direction, which will continue to run as normal."