Marconi CEO set to pocket GBP1.5 million annual bonus?

14 Mar 2005

According to the Financial Times, Marconi’s chief executive officer Mike Parton is set to gain a bonus and shares package worth GBP1.5 million a year under a proposed new incentive scheme for the company’s top executives. The existing package, put in place by creditors in 2003 to stimulate executives’ performance following the vendor’s near implosion, is due to end soon and the company is now in talks with shareholders over a new three-year deal. The current plan was designed to reward executives for repaying debt quickly and for bolstering Marconi’s share price. With the manufacturer now debt-free and its share price up at GBP5.70, the company is seeking to introduce a new ‘standard’ incentive package.

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