British American Tobacco trims pay as some markets drop short
Nicandro Durante had his pay cut from £3.6m to £3.4m in 2012
Nicandro Durante, chief of British American Tobacco, had his pay cut from £3.6m to £3.4m in 2012, as his performance-based reward was cut to 170 % of his salary, down from 200 % in 2012.
While BAT, the maker of Kent cigarettes and Lucky Strike cigarettes, improved operating income 15 % to ?5.4bn in 2012, the company dropped a bit short of extending market share goals in major countries, the company’s yearly report displays.
The decrease in Durante’s pay was also because of a £143,000 grant for moving from Brazil in 2011, in comparison to just £14,000 for travel expenses in the previous year.
The overall amount does not contain long-term incentive payments of more than £2m, which vested on March 25 but were awarded in 2010, when Durante was chief operating officer.
Nicandro Durante is also sitting on a pension pot worth almost £7.8m, putting over half a million pounds to its value over the year.
The Brazilian-Italian chief executive has controlled a 40% increase in the company’s shares since working at the top job in March 2011.
Finance chief Ben Stevens was spent £2.4m in 2012, a bit up on 2011, and chief operating officer John Daly was granted £2.06m.
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