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The director general of British American Tobacco could receive up to 18.2 million pounds sterling in a new three -year remuneration agreement, which makes him one of the most winning bosses while large British companies are move to reduce the remuneration gap with American rivals.
The manufacturer of Rothman cigarette brands and Lucky Strike said on Friday in his annual report that as part of a new incentive program proposed, Tadeu Marroco would only receive the maximum if the bat was hitting certain targets – like the Increase in the profitability of cigarette alternatives – and if it has increased 50% in the three years.
Marroco, who has been managing director since May 2023, will be guaranteed a minimum of 1.8 million pounds sterling wages, pension and services per year, said the company. He received 6 million pounds sterling in total last year.
The new agreement for Marroco is taking place while several major companies listed in the United Kingdom have increased wages for senior executives to try to compete with the United States, where income can be much higher.
Last year, the London Stock Exchange Group obtained an agreement for shareholders to double the salary of chef David Schwimmer to a maximum of 13.1 million pounds sterling. Astrazeneca also obtained the approval of a salary increase for its managing director Pascal Sorot, potentially increasing his remuneration to 18.7 million pounds Sterling and the director general of Smith & Nephew will receive up to $ 11.8 million This year if all the objectives are achieved, 29 by a hundred increase in its previous maximum.
“The increasingly competitive global market for senior talents has led to higher pressure on remuneration. . . With many candidates based in the United States, we observe that payment disparities are particularly obvious with incitement opportunities, who tend to be much higher at the typical British levels, “said BAT in his annual report.
He added that a third of his hires higher in the last three years came from the United States and that he had “a high vacancy rate through high direction levels, with lengthening times to hire” .
The shareholders will vote on the new remuneration affair, which was published for the first time at the Sunday Times, during the annual general meeting of the company in April.
