Areva’s Lauvergeon Pay Rose 16% on Bonus for Power-Grid Sale
Areva SA (CEI) Chief Executive Officer Anne Lauvergeon’s compensation jumped 16 percent last year as a bonus tied to the sale of the nuclear-services company’s power- grid unit offset a drop in variable pay tied to performance.
Lauvergeon’s total compensation rose to 1.07 million euros ($1.5 million) in 2010 from 925,666 euros in 2009, according to the Paris-based company’s annual reference document. That includes a 188,316-euro bonus “in recognition of the perfect implementation of the sale of the T&D subsidiary three months ahead of the established deadline,” the report said.
Lauvergeon’s fixed compensation rose 1.2 percent in 2010 to 564,960 euros, and her variable compensation based on the prior year’s performance fell 14 percent to 312,620 euros.
Lauvergeon, who has expressed a desire to remain at the helm of Areva for a third term when her mandate ends in June, sold the grid unit to Alstom SA and Schneider Electric SA as part of a plan to shore up the group’s finances, which have been hurt in recent years by construction delays and cost overruns at a nuclear plant in Finland.
Areva Chief Operating Officer Gerald Arbola was given a bonus of 145,517 euros for the sale of the grid unit.
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