Time to Curb These Image-Damaging Pay Extravagances
Evening Standard - London › October 14, 2005
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Summary
THE decision by Burberry, the fashion company, to pay $27 million (Pounds 15.4 million) over three years to its American chief executive- designate Angela Ahrendts has come at just the right time. There hasn't been a decent row over pay for months and, what with the hunting ban as well, there was a danger the season was going to pass without any decent sport.
But this proposed package, with a huge slice of the money up front and without any requirement for performance, the rest tied to performance criteria the company at this stage declines to reveal, and on top of a base salary of $1.3 million, a nonsensical clothing allowance of $25,000 a year and an overseas allowance of $600,000 - presumably to help her with the language - gives this one all the ingredients for a dustup.See the full content of this document
Extract
Time to Curb These Image-Damaging Pay Extravagances
Perhaps we could be told what is it about running Burberry that makes it worth so much more than being in charge of British Airways, Rolls-Royce or Tesco, to name but three. If ever there was a deal that put the cheek into check, it is this.
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