Burberry investors revolt over CEO pay deal - WQOW TV: Eau Claire, WI NEWS18 News, Weather, and Sports

Burberry investors revolt over CEO pay deal

Posted: Updated:

LONDON (AP) - Shareholders of luxury British fashion house Burberry have voted to reject a multimillion-pound pay package for the brand's new chief.

Results of voting at Burberry's annual general meeting Friday showed that 52.7 percent of shareholders protested the earnings Christopher Bailey is expected to receive.

Bailey was appointed chief executive in May on top of being the brand's chief designer. He received a one-time award of 500,000 shares worth some 7 million pounds ($12 million) last year and also receives 1.1 million pounds ($1.9 million) in salary, bonuses up to twice the salary and cash allowances.

Friday's vote was non-binding but it was a rare revolt by shareholders over executive salaries. Chairman John Peace said he was disappointed and he would talk to investors to try to address their concerns.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and WQOW. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service and Mobile Privacy Policy & Terms of Service.

Persons with disabilities who need assistance with issues relating to the content of this station's pubic inspection file should contact News Director Dan Schillinger at 715-852-5920. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, at 888-835-5322 (TTY) or at fccinfo@fcc.gov.