THE Scots-born chief executive of telecoms giant BT has earned £1.4 million more than a year ago.
Ian Livingston, 48, a Glaswegian who is a non-executive director of Celtic, saw his salary package leap to almost £9.1m against £7.7m a year ago.
His pay packet has been boosted by a rise in the company's share price, which is expected to mean 1000 managers will also share windfall payouts averaging £120,000.
BT shares surged to their highest level in five years this month after strong annual results crowned its groundbreaking move into free televised English Premier League football. The communications giant posted an 11% rise in annual underlying profits to £2.7 billion.
The former Dixons group executive has been granted shares worth £6m from a long-term incentive scheme. He is said to have overseen a 50% rise in BT's market value in the last year.
"BT's remuneration policy is based on reward for success," a spokesman said.
Mr Livingston's cash bonus of £1.2m and the number of shares awarded were lower than last year, but because of the increase in BT's share price his overall package has risen dramatically.
He waived a pay rise for the second year in a row, taking home a base salary of £925,000, but received £270,000 of cash in lieu of pension contributions, £50,000 more than last year. He also received a further £21,000 in other benefits.
It is estimated that if Mr Livingston is still chief executive of BT in three years he will take possession of shares worth more than £2m at current prices.
BT's remuneration committee, chaired by former Labour health secretary Patricia Hewitt, said in the annual report: "Executive remuneration remains a lively and often controversial issue."
By contrast, Tesco head Philip Clarke received no bonus for the second year running. He pocketed £1.17m following the supermarket's pre-tax profit falling from £4bn to £1.96bn last year.
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