Carolyn McCall flies home £7.7m salary

Forget about bankers - the easyJet boss earned a base salary of £698,000, but nearly £7m in benefits, bonuses and shares.

by Adam Gale

Tickets at easyJet may come cheap, but executives do not. Boss Carolyn McCall earned a cool £7.68m this year, according to the company's annual report and accounts. Of this gargantuan figure, only £698,000 was her base salary, the other £6.98m coming in various forms of variable rewards. No wonder Michael O'Leary wants to be more like her.

McCall's performance-related bonus was £1.03m, but the lion's share of her wage was the £5.92m worth of shares given as LTIP, or Long Term Incentive Plan. These only vest, or become available to McCall, after three years, but it's still a nice not-so-little earner. Finance director Chris Kennedy didn't do badly out of it either, taking home £4.06m.

The announcement (if a figure buried in a table on page 82 of a 138 page report can be called an announcement), will be sure to stoke further controversy. The airline's founder Stelios Haji-Ionannou was unhappy with McCall's pay when it was a mere £6.5m, voting against the package earlier this year, but without success.

EasyJet's top level pay structure is heavily tied to performance, and in McCall's defence the firm has done well, with profits soaring 21.5% rise to £581m for the year.

And if you're interested in figuring out how to squeeze a few mill from your own boss, you might want to watch McCall telling us how to get a pay rise at MT's 2013 Inspiring Women conference. She clearly knows a thing or two about it.

Or does she? According to easyJet, McCall actually earned more last year, making £7.777m. The figure was widely reported earlier this year as £6.4m, although the discrepancy could be down to the difference between annual and projected share prices for her LTIPs. It must be hard at the top.

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