UK: Iceland CEO Grimsey bags huge bonus despite three profit warnings
Shareholders at UK frozen food retailer Iceland might be surprised to learn that new CEO Bill Grimsey has been awarded a £225,000 (US$321,540) 'special one-off bonus' in recognition of "his contribution to the company's recovery." Since Iceland has issued three profit warnings since his arrival at the helm of the group, some might question what shape this "recovery" is taking. While industry statistics show sales taking a positive trend again, the group still has a long climb to regain its earlier popularity.
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