Centrica CEO Iain Conn Gets 44% Pay Rise
April 08 2019 - 09:31AM
Dow Jones News
By Oliver Griffin
Centrica PLC (CNA.LN) Monday said Chief Executive Iain Conn's
pay increased by 44% in 2018, even after the British Gas owner
missing its adjusted earnings forecasts for the year.
The FTSE 100-listed utilities company said Mr. Conn was paid 2.4
million pounds ($3.1 million) for 2018, compared with GBP1.7
million in 2017, a year when he didn't qualify for payments under
the company's short-term incentive plan.
Mr. Conn's pay is 72-times greater than the pay of an employee
whose salary falls within the company's lower quartile, who
typically earns GBP33,718 a year.
The company also disclosed that Mr. Conn was paid GBP124,000 for
his work as a nonexecutive director for BT Group PLC (BT.A.LN).
In February, Centrica said its cash generation in 2019 will take
a hit from the U.K.'s energy-price cap, lower volumes at its
exploration and production business, and its nuclear
operations.
The company said it will cut between 1,500 and 2,000 jobs in a
bid to generate GBP250 million in savings.
Write to Oliver Griffin at oliver.griffin@dowjones.com;
@OliGGriffin
(END) Dow Jones Newswires
April 08, 2019 09:16 ET (13:16 GMT)
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