TERRY Smith, the outspoken chief executive of interdealer broker Tullett Prebon, saw his pay fall by £900,000 in 2012 after admitting that it was “not a vintage year” for the business.
The City grandee’s total package for the year was £3.1m, down from £4m in 2011, according to figures in yesterday’s annual report.
However, Smith is unlikely to feel the pain too much as he was awarded £1.69m in share options during the year. In addition he has a 4.4 per cent stake in the company – itself worth around £25m – meaning he will bank another £1.6m in dividend payments.
Tullett Prebon benefits from volatile markets and it fell to a £35m pre-tax loss in 2012 as a result of a large writedown on its US business. Operating profits fell 12 per cent to £126m.
Smith is renowned for being a vocal critic of the European Union and its effect on business. Earlier this year he told City A.M. that it was “platitudinous guff” to suggest that Britain would have to settle for a reduced role in the political world if it left the 27-member bloc.