Burberry shareholders rebel against CEO pay
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Burberry shareholders are angry about a planned pay package for its new CEO. They rejected a proposal at the company's annual meeting to provide Christopher Bailey with a multi-million-dollar pay deal. Executives wanted to give Mr Bailey a $12.3 million "golden hello", an annual salary of $17 million and shares worth around $33 million (called "golden handcuffs") to stop him joining rivals. He will also get pension and performance bonuses.
Chairman Sir John Peace was "disappointed" with shareholders. He wants to know why they felt so strongly. He said packages for CEOs were to keep "world-class executives" at the company. The former CEO increased sales to over $3.4 billion, and tripled share value to $12 billion. Peace said many companies would pay Mr Bailey a lot more. He said Bailey was "worth every penny". Bailey joined Burberry in 2001 as Design Director.
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