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BonusesIncentive payPay settlements

BT under fire for big bonus payouts to executives

by Helen Gilbert 28 May 2009
by Helen Gilbert 28 May 2009

BT has come under fire for awarding big bonus payouts.

The telecoms group – which has recently announced plans to shed a further 15,000 jobs after plunging into the red – revealed that chief executive Ian Livingstone had been awarded a bonus payout of £343,000.

Livingstone, who took over from Ben Verwaayen last year, failed to meet a single financial target.

But the group said the bonus was based on the non-financial elements of Livingstone’s scorecard – customer service and environmental and social measures – and the chief executive would convert his bonus into shares.

In its annual report, published yesterday, the phone giant also revealed that former chief executive Verwaayen received a termination payment of £700,000 – equivalent to just over 10 months’ pay.

He further received a bonus of £300,000 as well as a salary of £277,000 for the period he worked for the company in 2008/09.

Meanwhile, Francois Barrault, who resigned as chief executive of BT Global Services in November after a profits warning, left with a £2.85m package including a £1.6m ‘termination’.

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BT said payment was made in “strict accordance with his contract”.

Andy Kerr, deputy general secretary of the Communication Workers’ Union said: “Francois Barrault’s payout is outrageous. He is being rewarded for failure.”

BT
Helen Gilbert

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