The Smirnoff producer saw sales and profits fall last financial year

The Smirnoff producer saw sales and profits fall last financial year

Diageo CEO Ivan Menezes has seen his total remuneration fall by 6% in his first year in the role, according to official company documents. 

Menezes, who replaced Paul Walsh as the firm's boss in July last year, picked up a total package of GBP7.8m (US$13.1m) in Diageo's last financial year. This included a basis salary of GBP0.9m, performance-related pay of GBP3.1m and GBP2.8m from long-term bonus schemes.

The prior year, when Menezes was COO of the group, he received a total of GBP8.3m.

The figures, revealed in Diageo's directors' remuneration report yesterday, also showed that Menezes' basic salary for the current financial year is being frozen “after careful consideration” by the group's pay committee.

In a press conference last month, Menezes admitted that Diageo had experienced a “tougher-than-expected” year, as problems in emerging markets saw sales and profits fall.

His number two, CFO Deidre Mahlan, also saw her total renumeration drop in the last financial year, down by nearly half to GBP3.8m. The bonus she received for share-price growth fell from GBP3.7m in 2013 to GBP1.5m in 2014. However, Mahlan will see a salary rise of 2.5% in the current year.

Meanwhile, Paul Walsh, who stepped down from Diageo's board last September, received a total of GBP6.4m in his last three months with the company.