UK: Allied Domecq CEO 25% pay rise
Bowman, who joined the company in 1998, saw his basic salary rise to £665,000 from £610,000 in the year to August 31 2002. His performance-related bonus leapt to £1.04m from £738,000.
A spokesman for the company explained to the Guardian that Allied had operated an "extended closed period" while the company was involved in wrangling over former Seagram brands with rivals Diageo and Pernod Ricard. "Because Chris Hogg (the former Allied chairman) decided the company was in closed period, no share incentives could be awarded," the spokesman said. Those losses have now been covered with a cash payment designed to make up for the gains Mr Bowman would have received if he had been awarded incentive shares.
The chief of the wines division David Scotland received a bonus of £507,000, taking his total pay to £1m. Finance director Graham Hetherington's total pay was £928,000.
Allied's profits rose 3% to £495m, but were hit by currency fluctuations and extra pension costs.
The US consumer goods group Fortune Brands has confirmed it is in talks about launching a joint bid with Pernod Ricard for Allied Domecq....
Diageo is to launch a new global advertising campaign for Smirnoff Ice. The first ad in the global campaign, 'Garden', launches in Great Britain on April 11th on terrestrial and satellite TV. ...
Pernod Ricard is looking to acquire Allied Domecq....
Allied Domecq and Pernod Ricard have both been downgraded....
Diageo has completed another share buyback transaction....
Fortune Brands has started making moves to acquire in the European drinks industry, according to press reports....
E&J Gallo has announced a number of appointments within its European division....
Diageo's Smirnoff Signatures line of premixed cocktails is now available nationwide in the US....
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