British American Tobacco trims pay as some markets fall short
26 March 2013 3:17am
BRITISH American Tobacco boss Nicandro Durante had his pay cut from £3.6m to £3.4m last year, as his performance-based reward was trimmed to 170 per cent of his salary, down from 200 per cent the previous year.
While BAT increased operating profits 15 per cent to £5.4bn last year, the firm fell slightly short of stretching market share targets in key countries, the firm’s annual report shows.
The drop in Durante’s pay was also due to a £143,000 grant for relocating from Brazil in 2011, compared to just £14,000 for travel expenses in 2012.
The total sum does not include long-term incentive payments worth more than £2m, which vested yesterday but were awarded in 2010, when Durante was chief operating officer.
Durante is also sitting on a pension pot worth almost £7.8m, adding over half a million pounds to its value over the year.
The Brazilian-Italian chief executive has overseen a 40 per cent rise in the firm’s shares since taking the top job in March 2011.
Finance chief Ben Stevens was paid £2.4m last year, slightly up on 2011, and chief operating officer John Daly was awarded £2.06m.
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