Diageo CEO's Pay Cut by 1.1 Million Pounds as Performance Lags
- Total compensation for CEO Menezes falls to 3.4 million pounds
- CFO’s variable pay reduced by 50% as U.K. companies cut awards
Ivan Menezes
Photographer: Bryan van der Beek/BloombergThis article is for subscribers only.
Diageo Plc cut the pay of its two top executives after the distiller missed performance targets, joining other U.K. companies in reining in management awards amid political and investor calls for restraint.
The London-based company cut the variable portion of Chief Executive Officer Ivan Menezes’ compensation by 35 percent, reducing his total pay for the latest financial year to 3.4 million pounds ($4.4 million) from 4.5 million pounds a year earlier. That part of Chief Financial Officer Kathy Mikells’ package was reduced by half, the company said in its annual report published Tuesday.