Celtic chief nets £1m salary for first time
CELTIC chief executive Peter Lawell has seen his annual salary break the £1 million mark for the first time.
The 58-year-old who succeeded Ian McLeod as chief executive 14 years ago, has seen his pay package rise by £167,851 in a year to £1.167 million.
The 17 per cent annual increase for the year to June 30, 2017 comes as Mr Lawwell’s wage was calculated using an Executive Long Term Incentive Plan (ELTIP) which rewards him for company and football performance.
This takes in when Celtic qualify for the group stages of the Champions League.
On top of that, from July 1 last year, Mr Lawwell, the club’s biggest boardroom earner, was entitled to a bonus of up to 20 per cent of basic salary.
The club say that ELTIP was introduced in 2017 with the objective of “retaining and rewarding, through financial incentives, key executives within the company over the medium to long term”.
The overall salary costs of Celtic’s board of directors dropped back slightly by nearly four per cent after rising by 20 per cent in the previous year after a statutory ill-health payment of almost £250,000 was made to its outgoing financial chief.
Figures revealed in the Scottish Premiership club’s annual report show boardroom remuneration dropped by £63,528 to stand at £1.571 million for last year.
In 2016, long-serving former financial director Eric Riley had been the biggest gainer in the boardroom, having seen his salary package rise by 63 per cent in a year to £371,634.