Vodafone Group’s CEO, Vittorio Colao will see his total pay this year more than double to around £14 million (US$21.5 million), thanks to long-term performance based bonuses.
According to the annual financial statement published by the company, the value of long-term share options have almost tripled in value from £3.75 million to just under £11 million.
In addition, he received a £1.1 million salary which was a 10% rise on the previous year, and received a further £899,000 in benefits and other payments. A cash bonus however fell to £1 million from £1.3 million a year ago.
The bonus comes as the company’s market capitalisation has risen by £15 billion since Mr Colao took over as CEO in July 2008, and the company has paid out £19.2 billion in dividend payments, boosted by a one-off payment from Verizon Wireless and disposals.
However, the company announced a £4 billion write-down in its latest financial results due to weak performance in Europe.
Mr Colao’s $21.5 million compensation package compares with the $23.1 million offered to Lowell McAdam, his counterpart at Verizon Communications, and the US$22 million offered to AT&T’s CEO, Randall Stephenson.