Iberia deal brings pay rise and healthy bonus for BA chief

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By TESTCustomwebLP TESTCustomwebLP October 28, 2010 13:53

Iberia deal brings pay rise and healthy bonus for BA chief

British Airways chief executive office, Willie Walsh, is to receive a 12% pay increase and an annual bonus of up to £1.65 million once the merger with Iberia is finalised. The salary details of the key figures in the newly merged airline group were released in merger documents yesterday.

Once Walsh becomes chief executive of International Consolidated Airlines Group, he will earn a basic salary of £825,000 a year, a 12% increase over his current BA salary.

BA chief financial officer Keith Williams, who succeeds Walsh as chief executive of BA, has been given a 43% pay rise to £630,000 per year, with a maximum bonus of 150% his salary.

“The pay levels have been set to reflect the market rate for a company with similar market capitalisations and turnover and to take into account the individual responsibilities of the top team,” said a BA spokesperson.

BA chairman, Martin Broughton, who is becoming non-executive deputy chairman of IAG, will earn €350,000 (£305,000) per year with an additional fee of €175,000.

The fee for non-executive chairman of IAG, Iberia’s Antonio Vazquez Romero, is €235,000 as well as his annual €645,000 salary.

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By TESTCustomwebLP TESTCustomwebLP October 28, 2010 13:53
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