Melrose bosses take home annual pay of £42m each ahead of GKN takeover
Company says the incentive arrangement is 'highly effective and essential”
Top bosses at turnaround specialist Melrose have raked in pay packets worth nearly £42m ahead of the company's pending takeover of British engineering giant GKN.
Melrose’s annual report showed four executives benefited from the payout of a five-year long-term incentive plan (LTIP), which meant the top brass were handed an extra £41.7m each on top of their salaries for 2017.
Executive chairman Christopher Miller, executive vice chairman David Roper, chief executive Simon Peckham, and group finance director Geoffrey Martin all claimed the awards.
Read more Melrose takeover offer approved in GKN shareholder vote Melrose said the LTIP payment – which was approved back in 2012 – was linked to the creation of £3.6bn in value for shareholders between 2012 and 2017, representing an average annual return of 22 per cent.
The company's remuneration committee added that the performance “validates” the..