DENMARK: Carlsberg CEO, CFO see salaries fall by 30%

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Carlsberg has confirmed that its CEO and CFO both had their salaries cut by almost a third last year, after the brewer saw its profits slip in 2011.


Last week, the Denmark-based brewer posted a 3.8% fall in net profits for the 12-month period, coming in at DKK5.15bn (US$914m). The performance, driven by ongoing issues in the Russian beer market, was forecast by Carlsberg back in August, when it halved its guidance for profit growth for the year.

Consequently, both CEO Jørgen Buhl Rasmussen and CFO Jørn Jensen saw their total remuneration for 2011 fall by 30%. According to Carlsberg's annual report, released this week, the two earned the same fixed salary last year as in 2010: DKK10.5m (US$1.9m) for Rasmussen and DKK9.1m for Jensen. However, neither were paid a cash bonus. In 2010, Rasmussen received a DKK6.3m bonus, while Jensen was awarded DKK5.5m. The pair saw improved share-based payments, however, up from DKK3.5m each in 2010 to DKK4m each.

The move was confirmed to just-drinks by a spokesperson for Carlsberg in Copenhagen yesterday (29 February).

“We are moving towards a performance culture here at Carlsberg,” the spokesperson said. “Pay for our senior executives is now closely related to targets.

“It is good that the CEO's performance is tied to the company's overall performance.”

When asked if any other executives had had their salaries cut, the spokesperson said that only Rasmussen and Jensen were affected. Despite this, total remuneration for the rest of Carlsberg's board actually rose in 2011, by 31% to DKK7.2m.

Looking to this year, a separate spokesperson for the brewer told just-drinks today: "We are investing in growing market share while continuing to drive our efficiency agenda.

"In 2012, we expect ongoing growth in Asia, while we remain cautious about the macroeconomic outlook and consumer dynamics for Europe. We anticipate operating profit for 2012 to be at a similar level to 2011."

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