UK: Diageo CEO sees total pay fall, salary frozen
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.
Yesterday, Diageo reported a lift in full-year net profits on flat sales and dipping volumes. Here just-drinks takes a look at the performance of the group's brands:...
Earlier today, Diageo reported a lift in full-year net profits on flat sales and dipping volumes. Here just-drinks takes a look at the figures for each of the group's regions:...
- It isn't just men who like beer - Comment
- What do US wholesalers think of spirits trends?
- How the craft economy is loosening alcohol laws
- Why sports drinks fail to ride the Olympic wave
- How soft drinks can exploit alcohol's loss
- Diageo merges US, Canada spirits units
- Johnnie Walker's Bourbon bent "coincidental"
- Diageo investment paying off for Captain Morgan
- Diageo job cut figures "likely overstated"
- "We're not complacent about Brexit" - Diageo
- Global gin insights - market forecasts, product innovation and consumer trends
- The Next Seven Big Beverage Markets
- Global rum insights - market forecasts, product innovation and consumer trends
- Global RTD insights - market forecasts, product innovation and consumer trends
- Global non-Scotch whiskies insights - market forecasts, product innovation and consumer trends