Christopher Bailey’s salary tops 10,8 million euros
Burberry boss Christopher Bailey earned £8 million (10,8 million euros) in pay since becoming the brand’s chief executive officer last year. Bailey has been revealed by Burberry in an attempt to increase disclosure with shareholders over top level pay, reports The Guardian.
Bailey, who has worked at the company for 14 years, holds the joint title of chief creative officer and CEO since the departure of former American chief executive Angela Ahrendts, who left the company to become Apple’s retail boss.
He owns 350,000 shares outright, but could be given 3m more over the coming years through performance-related agreements, worth almost £50m at current market prices.
Ian Carter, Burberry’s non-executive director, wrote to shareholders and described Bailey’s 14-year-long impact on the business. His letter read: “Over that period, he led the creative side, overseeing everything the customer sees and touches,” adding: “Put simply, the creative talent was far in excess of what he was earning.”
During his tenure, Bailey has helped transformed Burberry from an ailing heritage brand to a trend-setting global house that recently reported sales of £2.5bn.