Severn Trent gives new boss Liv Garfield a £2.4million share windfall as a golden hello on top of her annual pay
The new boss of utility giant Severn Trent has been handed a £2.4million share windfall as she walks through the door, writes Peter Campbell.
The golden handshake for Liv Garfield comes on top of her annual package of pay and perks, which could see her collect a further £2.4million at the water company.
When she left BT in the spring to become the FTSE100’s youngest ever female chief executive, Garfield forfeited a host of lucrative long-term share awards at the telecoms giant.
Welcome: The golden handshake for Liv Garfield (pictured), comes on top of her annual package of pay and perks, which could see her collect a further £2.4million at the water company
Yesterday Severn Trent said a one-off award that will pay her £812,500 a year until 2016 ‘was necessary to secure her appointment’.
Garfield, whose basic pay of £650,000 a year is 16 per cent higher than her predecessor’s, will also be reimbursed for ‘reasonable expenses in relation to her relocation’.
In its annual report, which was released after stock markets had closed, it also said that previous boss Tony Wray would receive his £452,000 bonus in cash and be given his £490,000 share bonus in full, taking his total package for the year to £1.8million.
He could receive all of his long-term shares in future years – a package that is potentially worth £1.9million.
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