Pearson bosses net £158,000 on options

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The Independent Online
Two senior executives of Pearson, the media and entertainment company, last year exercised stock options to realise gains of £157,900, the company's annual report disclosed.

Frank Barlow, managing director, made a gain of £83,700 by exercising his option over 30,000 Pearson shares granted in 1988 at 342p per share. The options were exercised at a market price of 621p.

Mr Barlow also received remuneration of £492,000 last year, made up of £300,000 in salary, £150,000 in bonus and a further £42,000 in other benefits. Mr Barlow holds further options over 320,000 shares, now exercisable under the Pearson stock plan, for a potential gain of more than £700,000 at last night's close of 555p.

The plan allows executives to exercise options granted after 1988 following the third anniversary of the grant.

David Veit, the company's US-based deputy managing director, made a gain of £74,200 by exercising options over 31,046 shares at 330p. He received a salary of £280,000, a bonus of £140,000 and other benefits of £90,000 for a total of £510,000. He holds exercisable options over nearly 290,000 shares, for a potential profit of £650,000 at last night's close.

Viscount Blakenham, chairman, exercised no stock options. He received a total of £454,000 last year.