• Text size      
  • Send this article to a friend
  • Print this article

£2.8m pay deal for AG Barr chief

AG Barr chief executive Roger White is to be handed a massively increased pay package of up to £2.8 million plus a £1.4m payout on existing incentive schemes if the Irn-Bru maker’s reverse takeover of soft drinks rival Britvic is approved.

Roger White will receive massive pay package if merger goes ahead. Picture: VisMedia
Roger White will receive massive pay package if merger goes ahead. Picture: VisMedia

The merger would create a company with annual sales of more than £1.5 billion.

Documents sent to shareholders yesterday reveal that, on becoming chief executive of the combined Barr Britvic Soft Drinks, Mr White’s basic salary will rise to £530,000.

This compares to the basic £322,000 Cumbernauld-based AG Barr paid him.

Britvic chief Paul Moody, who will leave on the  deal’s completion, receives £510,000.

Mr White will also be eligible for an annual cash bonus of up to 125% of his basic salary, which could net him a further £662,500. Again, this is more generous than his current maximum of 100% of salary, which was recently increased from 75%.

But the big money spinner for Mr White is likely to be  the long-term incentive  plans. The company is proposing a transitional and an ordinary scheme, both of up to 150% of  salary, which will pay out over the next three years and together could be worth £1.6m to Mr White.

The AG Barr maximum long-term incentive currently is 100% of  salary.

Under the terms of the deal, all existing long-term incentive schemes will pay out giving Mr White a £1.4m windfall.

The deal requires the backing of 75% of Britvic investors and half of those in AG Barr.

Contextual targeting label: 
Finance

Commenting & Moderation

We moderate all comments on HeraldScotland on either a pre-moderated or post-moderated basis.
If you're a relatively new user then your comments will be reviewed before publication and if we know you well and trust you then your comments will be subject to moderation only if other users or the moderators believe you've broken the rules

Moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours. Please be patient if your posts are not approved instantly.

129339