LONDON — Christopher Bailey, Burberry’s new chief executive officer and chief creative officer, could earn up to 8.1 million pounds, or $13.6 million, per year, including a cash allowance of 440,000 pounds, or $739,605, according to the company.
This story first appeared in the May 16, 2014 issue of WWD. Subscribe Today.
Bailey, who took up his new role earlier this month, has also received a golden hello in the form of shares worth up to 7.6 million pounds, or $12.8 million. The shares packet is linked to the company’s performance.
Bailey’s base salary is 1.1 million pounds, or $1.9 million, and he will also receive a cash bonus, share awards and pension contributions.
Dollar figures have been converted from the pound at current exchange rates.
A Burberry spokeswoman confirmed the figures, which first appeared in The Guardian newspaper. Bailey’s contract also said that he plans to contribute 10 percent of his salary after tax to the Burberry Foundation for disadvantaged young people.
Bailey succeeds the former ceo Angela Ahrendts, who left the company to become head of retail at Apple Inc. There, she has received a share award for $68 million as a golden hello.