Man CEO Clarke misses out on £14m incentives

Man Group's chief executive has missed out on incentive payments of $23m (£14m), the company's accounts showed, as clients pulled their cash out of the world's largest listed hedge fund firm during the financial crisis.

Peter Clarke, who took over as CEO from industry "godfather" Stanley Fink in 2007, was granted a shares and options package in 2008 worth around $14m, dependent on performance, as part of a three-year incentive plan.

The plan matured last March when the package was worthless because Mr Clarke did not hit his targets. In addition, he was given a deferred bonus in shares, worth $13.5m in 2008. These were worth just $4.1m by the time he was allowed to sell them last year.

Mr Clarke's pay for 2011 dropped 10 per cent to $2.9m. He was also awarded just over $4m in long-term incentive plans, taking his total package to just under $7m, down 30 per cent on the previous year.