Carlos Criado-Perez, chief executive officer of Safeway, has been offered a £4m (US$5.9m) incentive package to golden-handcuff him to the recovering retailer for the next three years.
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Depending on the growth of Safeway’s earnings per share, the Argentinean CEO will gain up to £2m, on top of his basic salary in the region of £613,000 and a range of other incentive plans.
To merit the maximum pay award, Criado-Perez must grow average earnings by 8% more than inflation for the four years starting April 2001. Since last year saw earnings rise by 14%, he got off to a good start.
Spokesman Kevin Hawkins said: “The payments depend on achieving tough performance targets. It’s important that people realise he has a strong financial incentive for the next three years.”
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