£100m Bonus on the cards for Wizz Air CEO
Wizz Air (WIZZ) shareholders have voted in favour to award the airline's boss Jozsef Varadi a £100m bonus.
The company said on Tuesday that 33.2% of votes cast at its annual meeting were against the remuneration policy, while 67.6% were in favour of its "Value Creation Plan", a strategy that could see the boss awarded the huge bonus if he can increase its market cap to more than £12bn.
That would require Wizz Air to double its current value.
Corporate pay rows have become the new norm, and despite investor resistance, the firm said in a statement that it'll now press on with the growth strategy and the lucrative award for its top chief exec should it reach the target.
"The Board understands the issues raised by certain shareholders but is wholly satisfied that the adoption of the Value Creation Plan, the new Remuneration Policy and the Wizz Air Omnibus Plan, all of which are designed to generate superior returns based on the achievement of market leading targets, are in the best interests of the Company, its shareholders and other stakeholders."
Shares in Wizz ended the day's trading up 0.8 per cent to 4,659p, double what they were at the start of the Covid-19 pandemic.