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Diageo Chief Walsh Paid Less on Smaller Long-Term Incentive

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Sept. 13 (Bloomberg) -- Diageo Plc Chief Executive Officer Paul Walsh was paid less by the Smirnoff vodka maker last year after getting a smaller amount from a long-term incentive plan.

Walsh received 4.41 million pounds ($6.96 million) in the year ended June 30, the London-based distiller said in its annual report published today. That included 1.23 million pounds under a long-term incentive plan, down from 2.86 million pounds a year earlier. The CEO also got 1.88 million pounds from an annual incentive plan and a base salary of 1.17 million pounds.

Walsh and Chief Financial Officer Deirdre Mahlan each received 160 percent of their salary in annual incentives after Diageo beat targets for sales, earnings and cash flow. Mahlan was paid a total of 1.57 million pounds, including a base salary of 431,000 pounds and 215,000 pounds of long-term incentives.

Diageo last month reported a 5 percent increase in full-year organic operating profit as higher sales of whiskies such as Johnnie Walker in emerging markets offset a slide in Europe.

To contact the reporter on this story: Paul Jarvis at pjarvis@bloomberg.net

To contact the editor responsible for this story: Celeste Perri at cperri@bloomberg.net.

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