BTs Top Earner - Ben Verwaayen
Posted: 05th Jun, 2003 By: MarkJ
BTs Ben Verwaayen has officially become one of the countrys highest paid directors. Much of this is contributed to bonuses for his help with improving the operators overall performance:
The figures turned up in the phone giants annual report published yesterday. Verwaayen received: a basic £700,000 salary; pension allowance and other benefits of £140,000; housing expenses of £450,000; other benefits worth £35,000 and, oh yes, a cash bonus of £849,000 with another £849,000 worth of shares in a deferred bonus.
Quite frankly, he murdered the targets, said a BT spokesman, referring to Verwaayens bonus. And he has. There has been a 61% earnings per share growth, a 37% drop in customer dissatisfaction and handy free cashflow of £1.7bn.
It does look like shareholder money well spent. But old fat cat habits die hard. House moving expenses of £200,000 may look a bit stiff but they are a one-off.
Still, he did push a wonderful broadband ADSL price cut into the market. More @ Silicon.
The figures turned up in the phone giants annual report published yesterday. Verwaayen received: a basic £700,000 salary; pension allowance and other benefits of £140,000; housing expenses of £450,000; other benefits worth £35,000 and, oh yes, a cash bonus of £849,000 with another £849,000 worth of shares in a deferred bonus.
Quite frankly, he murdered the targets, said a BT spokesman, referring to Verwaayens bonus. And he has. There has been a 61% earnings per share growth, a 37% drop in customer dissatisfaction and handy free cashflow of £1.7bn.
It does look like shareholder money well spent. But old fat cat habits die hard. House moving expenses of £200,000 may look a bit stiff but they are a one-off.
Still, he did push a wonderful broadband ADSL price cut into the market. More @ Silicon.
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