Intu’s new chief executive Matthew Roberts has seen his total pay fall by 0.8% in 2019, compared to what he received in his previous role as chief financial officer.
Roberts, who was promoted from chief financial officer to CEO in April last year, earned a base salary of £576,000 in 2019. He took home £713,000 in total.
This compares with Roberts’ earnings in 2018; as chief financial officer that year, Roberts had a £485,000 base salary, but pocketed £719,000 altogether.
Intu’s new chief executive Matthew Roberts has seen his total pay fall by 0.8% in 2019, compared to what he received in his previous role as chief financial officer.
Roberts, who was promoted from chief financial officer to CEO in April last year, earned a base salary of £576,000 in 2019. He took home £713,000 in total.
This compares with Roberts’ earnings in 2018; as chief financial officer that year, Roberts had a £485,000 base salary, but pocketed £719,000 altogether.
As a point of comparison, David Fischel, who was chief executive for all of 2018, pocketed £615,000 in base pay and took home a total of £943,000.
There was no payout this year from the company’s annual bonus or long-term incentive awards, unlike in 2018.
Intu stated in its latest annual report that Roberts’ pay package comprised a base salary of £617,916, in line with his predecessor’s salary.
Robert Allan, who replaced Roberts as finance boss in 2019, earned base pay of £225,000 this year; altogether, he was paid £258,000 for the year.
The company’s board received a remuneration package of £1.8m altogether, down 23% on nearly £2.4m in 2018.
Roberts plans to trim the pension contribution owed to him to 10% of his salary from 24%, in May this year.
Share-based rewards had been axed for the year, given the company’s declining share price.
Under the REIT’s performance share plan, rewards were previously based on shares tallying 250% of an executive’s salary. This was reduced to 200% for 2019.
Intu’s executive directors had also agreed to waive their entitlement to any bonus for 2019.
Fischel, who stepped down as chief executive on 26 April last year, was entitled to a bonus for the period before his departure. However, the bonus was not awarded to him on the basis that the executive directors did not receive one.
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