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£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.

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