Burberry CEO earned nearly £2.6m in first nine months in the role
Burberry 's CEO has earned almost £2.6 million in his first nine months at the business, with the figure including hundreds of thousands to relocate him to the UK and a £1 million+ bonus.
With former CEO Jonathan Akeroyd having received a payoff adding up to around £1.5 million following his July 2024 exit, the numbers come in stark contrast to the firm's aim to cut costs, an aim that will include around 1.700 job cuts.
The firm's annual report showed that Schulman could earn multi-millions this year if he meets key targets that will trigger bonus payments. And in future he could received £3.6 million if the company's share price doubles in three years and it gets back into the elite FTSE 100 index that would see demand for its shares rising even further.
Earlier this month the company revealed a £66 million annual loss after profits had been close to £400 million in the previous year.
Burberry clearly believes that Schulman is the best person for the job and he already appears to have stabilised the business while boosting its share price that has risen almost 50% since he took over. That's what triggered the £1.2 million bonus he's already received.
While the payments to him are likely to come in for some criticism at a tough time for many at the business, Burberry said the three-year targets he has will stretch him and challenge him to deliver tangible growth.
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