Ousted Vodafone boss picks up greater than £4m in pay and bonuses in 2022-23
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odafone’s former boss Nick Read landed greater than £4 million in wage and bonuses for the 12 months to March, together with a £904,000 annual award, regardless of being ousted on the finish of 2022 amid poor efficiency and swingeing job cuts, it has been revealed.
The cell phone big’s annual report exhibits that Mr Read picked up a bumper pay bundle price £3.9 million for 2022-23, which additionally included a £1.6 million shares award for a earlier long-term bonus scheme that is because of pay out in August and a £406,000 money award for dividends that will have been paid on these shares.
On high of this, he acquired £270,375 in wage for the primary three months of 2023, when he remained an adviser to the board, and might be paid £732,629 in lieu of wage, plus advantages, for the rest of his 12 months’ discover interval till March subsequent 12 months.
Vodafone added it’ll pay as much as £7,000 in the direction of authorized charges in connection along with his departure and mentioned he’s entitled to “outplacement support” price as much as £50,000.
Mr Read left on December 31 after 4 years as group chief govt simply weeks after unveiling an £880 million plan to slash prices and warning over job cuts and worth hikes.
His alternative, former chief monetary officer Margherita Della Valle, has since repeatedly admitted that the agency’s efficiency has “not been good enough” and final month swung the axe on 11,000 jobs throughout the group in a three-year cost-cutting plan.
It got here as Vodafone reported a 1.3% drop in full-year earnings to a lower-than-expected 14.7 billion euros (£12.8 billion) and forecast little or no development in earnings over the present monetary 12 months.
Ms Della Valle additionally unveiled a mega merger with Three UK final week that can create Britain’s greatest cell phone community price £15 billion.
There are extra position cuts anticipated if the deal will get regulatory approval underneath plans to save lots of greater than £700 million yearly inside 5 years, though the companies insisted extra jobs would finally be created.
Vodafone’s newest annual report additionally confirmed that Ms Della Valle was paid £3.7 million in pay and bonuses for the 12 months to March, together with three months as interim chief govt.
She was just lately confirmed as everlasting chief govt on an annual wage of £1.3 million from April 27, plus advantages and bonuses.
She picked up a £1.2 million annual bonus and £1.6 million in long-term share awards and money in lieu of dividends in 2022-23.
The potential most she may earn in wage, long-term share awards and annual bonuses for 2023-24 is £13.3 million if all efficiency targets and share worth objectives are met in full.
She is at present additionally chief monetary officer whereas they seek for her alternative.