Celtic chief nets £1m salary for first time

The Herald - - FRONT PAGE -

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.

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