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McClatchy-Tribune  08/22/2014 11:50 AM ET
Burberry boss gets pounds sterling 5M from share sale [Daily Mail, London :: ]

Aug. 22--Burberry's boss and creative guru Christopher Bailey has pocketed more than pounds sterling 5.2m after selling shares in the fashion house, writes Rob Davies.

The huge sum was branded a 'slap in the face' to investors, who staged a revolt against his pounds sterling 28m pay deal earlier this year.

A stock market filing revealed that Bailey cashed in stock picked up from bonus schemes and sold a batch of other shares this week.

The sales raked in pounds sterling 5.2m, enough to buy nearly 5,000 of the upmarket label's cotton gabardine trench coat, which commands a hefty price tag of pounds sterling 1,095.

In practice the windfall is worth more like pounds sterling 4m once tax has been taken into account.

'It's a bit of a slap in the face for shareholders who voted against his package,' said Deborah Hargreaves, director of the High Pay Centre.

'Also you wonder if he has long term faith in the business when he's selling such a big chunk.'

Bailey took the top job at Burberry (down 7p to 1442p) earlier this year from Angela Ahrendts, who joined US technology giant Apple.

But he ran straight into controversy when a company report revealed he enjoyed a pay packet worth some pounds sterling 28m, including pounds sterling 20m in stock simply for staying with the firm for five years.

More than half of voting investors failed to back the pay deal for Bailey, whose elevation to the top of a FTSE 100 company raised eyebrows in the City of London.

 

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