Vodafone chief's pay rises to £5m

by William Eazel

15 Jun 2006

Arun Sarin's basic salary has risen seven per cent for the 12 months to March 2006

Vodafone chief executive Arun Sarin is to receive a pay package of over £5m despite the mobile group posting record losses.

Sarin's basic salary has risen by seven per cent for the 12 months to March 2006 to £1.5m. He has also been awarded shares via a short-term incentive plan worth £1.4m, up almost 24 per cent on 2005.

Vodafone filed a £14.9bn loss and underperformed against its stock market counterparts. In an effort to reduce costs the mobile firm is to cut 400 jobs in marketing, back office and technology.

Topics:
Communications

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