Smaller pay packets for BAE's top two after EADS failure
BAE Systems' chairman, Dick Olver, and its chief executive, Ian King, made £745,000 and £2.2m, respectively, in 2012 – a year in which the aerospace giant failed in its audacious merger attempt with EADS and profits fell by 6 per cent.
Mr King's total pay included £963,000 salary and a £1.2m bonus, and in total was 8.6 per cent lower than in 2011. Mr Olver's total payout was 5.8 per cent lower than the year before.
BAE has signalled that Mr Olver, who took over as chairman in 2004, will step down at next year's annual shareholder meeting, at the latest, in the wake of the failed merger attempt. But he could leave earlier if the search for his successor goes smoothly.
Writing in BAE's annual report, Mr Olver said: "It is important that this process is driven by the objective of finding the right person, not just by the timetable."
- 1 What happens to your body when you give up sugar?
- 2 Have sex with your iPad thanks to the new sex toy no-one asked for
- 3 Bali nine: Welcome to 'Execution Island' – the Indonesian holiday resort where foreigners are sent to die
- 4 The 'sex selfie stick' lets you FaceTime the inside of a vagina
- 5 Why you're almost certainly more like your father than your mother
Mark Zuckerberg: Facebook CEO's one simple test for who to hire
Bali nine: Welcome to 'Execution Island' – the Indonesian holiday resort where foreigners are sent to die
'A girl is more responsible for rape than a boy': The statement that shocked the world... except India
The 'sex selfie stick' lets you FaceTime the inside of a vagina
Saudi Arabia executions now at 'unprecedented rate' after kingdom kills four more in two days
Durham Free School: 'Creationism taught at' free school facing closure
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
Ukip would cut billions from Scottish budget to fund English tax cuts
End of the licence fee: BBC to back radical overhaul of how it is funded
Ukraine crisis: Top Chinese diplomat backs Putin and says West should 'abandon zero-sum mentality'
Boris Nemtsov shot dead: Outspoken Putin critic who had expressed fears for his life is killed near the Kremlin
iJobs Money & Business
£8 per hour: Recruitment Genius: This Pension Specialist was established early...
£30 - 35k + Bonus & Benefits: Guru Careers: We are seeking an Executive Assist...
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...
Voluntary post, reasonable expenses reimbursed: Reach Volunteering: Would you ...