The boss of BT is thought to be in line to receive a £5 million windfall after overseeing a turnaround at the telecoms giant. BT chief executive Ian Livingston is enjoying the benefit of a long-term bonus deal, which gave out tens of millions of shares to top staff at a time when the company reported its first ever loss, reported the Sunday Times. Mr Livingston reportedly received two million shares, which were deferred for three years with the condition that they would only pay out if all its financial targets were met. But since then BT’s share price has more than trebled after the chief executive cut 30,000 roles and turned around the problematic IT services division. The bonus scheme is reportedly tied to cashflows and the share price and will pay out in full – delivering huge payouts to Mr Livingston and his executive colleagues. The 47-year-old Scot will receive 2.13 million shares at last week’s closing price of 226p, while head of retail Gavin Paterson and Tony Chanmugam, BT’s finance director, should receive windfalls of £2.4 million and £2.2 million a piece. The payments are likely to fan the flames of the boardroom pay debate, which has… Read full this story
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