LONDON — Burberry chief executive Rose Marie Bravo, the driving force behind the brand’s turnaround, is reaping the fruits of her hard work. Earlier this week, she cashed in shares worth a total of 5.3 million pounds, or $9.8 million at...
LONDON — Burberry chief executive Rose Marie Bravo, the driving force behind the brand’s turnaround, is reaping the fruits of her hard work. Earlier this week, she cashed in shares worth a total of 5.3 million pounds, or $9.8 million at current exchange rates, a company spokesman confirmed Wednesday.
The Burberry spokesman said the shares represent less than 20 percent of Bravo’s stake in the company, and only recently had vested. Bravo cashed in a combination of ordinary, executive share option scheme and IPO-related shares.
This is not the first time Bravo has swapped shares for cash. In July 2003, the ceo cashed in just more than $2 million worth of shares. While other Burberry executives hold share options, only hers are vesting at this time, the spokesman said.
Bravo cashed in 833,333 ordinary shares for a total of 1.2 million pounds, or $2.3 million; 277,778 nonapproved executive share option scheme shares for a total of 336,111 pounds, or $615,083, and one million shares under the IPO plan for 3.8 million pounds, or $6.9 million.
As reported last month, Bravo extended her contract at Burberry for another year to July 2006. In the 2003-04 fiscal year, Bravo took home a 100 percent bonus for hitting Burberry’s internal sales and profit targets, Bravo received $1,568,000 — the equivalent of her base salary — as her annual bonus.
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