Willie Walsh pay deal rises 30% at IAG

British Airways

Willie Walsh, the boss of British Airways’ parent company IAG, was paid £6.4m in 2014, an increase of almost 30% on the previous year.

The IAG annual report shows that while Walsh’s basic salary was £850,000, he received an annual bonus of £1.7m, a share award worth £3.6m and pension benefits.

Last week, IAG reported after-tax profits of more than €1bn (£730m) and made a sharp upgrade to its forecast for 2015.

Walsh said the results were largely due to the turnaround at BA’s sister airline Iberia, after a restructuring that included thousands of redundancies in Spain as well as reduced terms and conditions for crew.

In the IAG report, Walsh said: “The brand has been rejuvenated and the people are rejuvenated. They’ve done extremely well and to be back in profit is a fantastic achievement.”

He said the group was targeting a 10% operating profit margin in coming years, “designed to make sure we can start to pay a dividend to shareholders and sustain that payment”.

Walsh declined a 2% increase in his basic pay for 2015. Lady Kingsmill, chair of the IAG remuneration committee, said in the annual report: “Once again, the chief executive of IAG has continued to lead by example in proposing restraint in executive packages.”

Powered by Guardian.co.ukThis article was written by Gwyn Topham Transport correspondent, for theguardian.com on Thursday 5th March 2015 11.24 Europe/Londonguardian.co.uk © Guardian News and Media Limited 2010

 

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