U.K. dis­tiller cuts CEO’s pay by $1.4M

Northwest Arkansas Democrat-Gazette - - BUSINESS & FARM -

LON­DON — Di­a­geo PLC cut the pay of its two top ex­ec­u­tives af­ter the dis­tiller missed per­for­mance tar­gets, join­ing other U.K. com­pa­nies in rein­ing in man­age­ment awards amid po­lit­i­cal and in­vestor calls for re­straint.

The Lon­don-based com­pany cut the vari­able por­tion of Chief Ex­ec­u­tive Of­fi­cer Ivan Menezes’ com­pen­sa­tion by 35 per­cent, re­duc­ing his to­tal pay for the lat­est fi­nan­cial year to $4.4 mil­lion from $5.8 mil­lion a year ear­lier. That part of Chief Fi­nan­cial Of­fi­cer Kathy Mikells’ pack­age was re­duced by half, the com­pany said in its an­nual re­port pub­lished Tues­day.

Menezes and Mikells are the lat­est of a num­ber of U.K. ex­ec­u­tives whose pay has been cut af­ter Prime Min­is­ter Theresa May de­cried the “ir­ra­tional, un­healthy and grow­ing gap” be­tween the com­pen­sa­tion of man­agers and or­di­nary work­ers. Bosses of com­pa­nies in the Fi­nan­cial Times Stock Ex­change 100 In­dex made an av­er­age of $5.84 mil­lion last year, down 17 per­cent from 2015, ac­cord­ing to the High Pay Cen­ter.

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