Vodafone FD to pick up £2m bonus
Ken Hydon, the finance director of Vodafone AirTouch, will receive a £2m rewardfor his part in the £113bn takeover of German mobile phone rival Mannesmann.
The multimillion pound bonus is part of a cash and shares windfall for Vodafonedirectors following the Mannesmann deal earlier this year and the creation ofthe UK’s largest plc.
Chief executive Chris Gent will receive a £10m incentive payment, which Vodafoneclaimed would compensate for his under-payment compared to other multinationalbosses.
European director Julian Horn-Smith is also set to receive £2m.
Gent last year earned a basic salary of £837,000 plus a standard incentivepackage just under £500,000.
Shareholders concerned about the fat cat bonuses are reported to have labelledthe package as ‘staggering’.
Mannesmann shareholders protested in Germany last month against chairman KlausEsser receiving a euros 30m (£19m) golden handshake before his departure.
Vodafone plan to take Mannesmann offshore