Richemont awarded leader monetary officer Burkhart Grund 12.9 million Swiss francs ($14.3 million) in general repayment final 12 months, making him the highest-paid worker on the luxury-goods conglomerate.
Grund’s general payout incorporated particular awards that the corporate’s repayment committee stated mirrored remarkable efficiency, the corporate disclosed in its annual file Friday.
The CFO’s money, inventory and different awards examine to leader govt officer Jerome Lambert’s general repayment of virtually 8 million francs.
The corporate stated Grund, who joined Richemont in 2000 and was CFO and a board member in 2017, was once awarded an extra cost of €2.3 million ($2.5 million) within the present 12 months together with further efficiency inventory gadgets in addition to the appropriate to extra incentives subsequent 12 months.
“This discretionary award recognises remarkable efficiency over a variety of years which the Committee thought to be had now not been correctly mirrored in earlier remuneration awards,” the top of Richemont’s repayment committee stated within the file.
Richemont had file gross sales and working benefit final 12 months and struck a long-sought deal to promote a majority stake in its on-line luxurious retail platform YNAP. The Cartier proprietor reported gross sales of about €20 billion and working benefit of about €5 billion within the one year via March. And, after years of attempting, it reached an settlement to promote a majority stake in YNAP which noticed it file a €3.4 billion writedown of its pastime within the trade.
A Richemont spokesperson didn’t straight away reply to requests for remark at the repayment awards.
Grund additionally earned extra in repayment than the CEO within the prior 12 months, with 8.5 million Swiss francs in awards in comparison to Lambert’s 7.4 million francs.
Chairman Johann Rupert, who controls the Swiss corporate via its B-class inventory, was once awarded quite greater than 3 million francs in charges, advantages and social safety prices all over the 2023 monetary 12 months, about the similar because the 12 months sooner than.
The South African billionaire holds 10 p.c of the corporate’s proportion capital and controls 51 p.c of its vote casting rights.
By way of Andy Hoffman
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Chairman Johann Rupert spoke after the Cartier-owner reported annual income above analyst estimates.
