SABMiller’s former boss pockets R214.2m
Fin24.com - Jun 26th, 09:51
Johannesburg – The former boss of SABMiller [JSE:SAB], Graham Mackay, is one of the best-paid bosses in Britain, The Telegraph reported on Tuesday.
According to the company’s annual report Mackay’s total remuneration reached £13.9m (about R214.2m) and included shares that vested under long-term incentive plans. His total remuneration the previous year was £5.9m.
Mackay, who served as CEO for 13 years, was the executive chairperson until April, when the company announced he had undergone surgery for a brain tumour. Alan Clark, SABMiller’s former chief operating officer, took over from him.
Last year Mackay was paid £2.8m in basic salary, benefits and annual cash bonus, less than the £3m he was awarded for the previous 12 months.
Mackay will remain SABMiller’s non-executive chairperson and is on a medical leave of absence while he undergoes treatment. John Manser is the acting chairperson in the meantime.
“The board will keep the position under review as Mr Mackay’s treatment progresses‚ and an appropriate announcement about the future will be made as soon as any definitive decisions have been taken‚” the company announced earlier this month.
In February, Mackay said one of the biggest challenges facing a successor will be continuing to grow the business as strongly in a world with fewer acquisitions to make.
The global beer industry underwent a wave of consolidation over the last two decades.
Deals like these had helped SABMiller's transition from a regional South African brewer to the world's second-biggest, with over 200 brands ranging from Miller Lite and Peroni to Grolsch.
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