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Financial Times reports that SABMiller CEO Alan Clark took a £1.2m cut in total pay last year, but will be in line to receive a payout of £55m once the brewing group is taken over by larger rival Anheuser-Busch InBev.
According to the company’s annual report, published on Monday, Clark’s total remuneration in the year to 31 March fell 17%, to £5.9m from £7.1m a year earlier. His fixed pay increased from £1.5m to £1.7m, while his bonus rose 56% to £1.7m, but the value of his long-term incentive scheme fell to £2.4m from £4.4m a year earlier. The takeover of SABMiller is close to clearing regulatory hurdles in China and the US. At that point Clark — who became chief executive just over three years ago - stands to reap the benefit of share awards during his 26 years of employment at SABMiller, giving him a £55m payout in vesting shares and options.
- Read this report by Scheherazade Daneshkhu and Nathalie Thomas in full at BDLive
- See too, Acquisition of SABMiller by AB InBev before Competition Tribunal this week, at Engineering News
Get other news reports at the SA Labour News home page