Burberry boss cashes in shares worth £5m

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BURBERRY chief executive Christopher Bailey has cashed in £5.2m worth of shares just weeks after suffering a bloody nose over his pay package at the hands of shareholders.

Mr Bailey, previously the luxury brand’s chief creative officer, sold 285,451 shares he received under two different schemes dating back to before he replaced former boss Angela Ahrendts in May.

Separately, he also sold 73,547 shares, according to a stock market announcement by the group, which said the shares were sold on Wednesday.

It means Mr Bailey’s holding in the company has been reduced to 303,110 shares, worth £4.4m.

Burberry last month suffered a shareholder rebellion over his pay, with 52.7 per cent voting against the company’s remuneration report.

The Yorkshire-born 43-year-old’s package included a £7.2m “golden hello” as he took over as chief executive.

Including this performance-based shares award, split over five years, the joiner’s son from Halifax is in line to receive up to £10.3m a year in salary, pension, variable bonuses and long-term awards each year.

The separate “golden handcuffs” arrangement worth up to £19.5m by 2018, made in his previous role to prevent him from joining rivals, is in addition to this.

Chairman Sir John Peace said at the time that he was disappointed by the shareholder revolt but the vote was not binding and investors did pass a binding remuneration policy resolution by more than four-fifths.

Sir John defended the decision to give Mr Bailey and Ms Ahrendts earlier share awards as a way of keeping “world-class executives” at the company.

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