Burberry CEO Christopher Bailey Gets Massive Pay Cut Due to Lack of Company Growth
Ouch.
According to an annual report released this week, Burberry, the largest luxury goods maker in the UK failed to experience any growth. As a result, CEO Christopher Bailey’s salary was reduced from £7.5 million (approximately $10.9 million USD) to £1.9 million (approximately $2.7 million USD). He also did not receive any bonus or incentives as the company missed its target earnings. It is assumed, the decline is related to Bailey’s overly-ambitious efforts to perform the roles of both CEO and Chief Creative Officer since last May. According to chairman John Pearce, “Our overall approach to incentive structures for all staff, including senior management, is based on performance.”
