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16/06/2021

Who’s getting what salary? Apple, Elliot Management, The BBC

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Apple

The cash bonus of Apple’s boss Tim Cook rose by 40% last year to $10.7m, having taken a 36% hit in 2019 owing to declining revenue tied to weaker iPhone sales, says The Wall
Street Journal
.
More people working from home during the pandemic last year helped boost Apple’s profit by 3.9%. But for 2021, Apple’s top brass will have their cash bonuses determined by environmental, social and governance (ESG) performance, says CNBC. Hitting or missing ESG targets will affect the awards by 10% in either direction.

Elliot Management

The UK division of Elliott Management, one of the leading activist hedge funds in the US, paid its 107 staff $93.3m after recording a rise in revenue and profit in 2019, says The Times. Pre-tax profits edged up to £6.4m from £6.3m in 2018. Gordon Singer, the son of the fund’s founder, Paul Singer, who leads the London-based office, is thought to have been the highest-paid staff member earning £8.9m, down from £12m 2018.

The BBC

The BBC’s Ken MacQuarrie is on a £325,000 salary “to monitor whether the Corporation is biased“, says The Mail on Sunday. MacQuarrie, a BBC veteran who joined in 1975, stepped down as director of nations and regions last month.

The BBC says the role is temporary and that he will leave this year after delivering new measures to reaffirm the Corporation’s commitment to impartiality.

Nice work if you can get it!

Having elected to sacrifice some of their pay during the pandemic, several chief executives were handed performance shares during the slow down in the stock- market, says Simon Duke in The Times. Yet, thanks to ultra-loose monetary policy, the FTSE 100 has jumped 35% from its low point, and CEOs now stand to make more from their bonuses more than they forewent in salary. That looks tin-eared when the fate of the economy is so precarious.

Prudential handed its boss, Mike Wells, two share awards worth a potential £5.5m in April and May.

ITV’s Carolyn McCall received about £2.5m in April, and newspaper group Reach paid its boss, Jim Mullen, bonus shares in March, which has since doubled in value to £1.5m. These awards won’t vest before 2023, and targets must be hit to receive the maximum. But still, the windfalls are hard to justify considering both ITV and Reach tapped the taxpayer furlough scheme.

Source: moneyweek.com

Kris Paterson is a writer for www.whatjobs.com the global job search engine

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