WEIR Group chief Jon Stanton has received a near 60 per cent rise in total remuneration to £2.27 million amid a “transformational year” for the Glasgow engineering giant.
The rise, revealed in Weir’s annual report yesterday, came during a year which saw shareholders approve a major change to the company’s executive remuneration policy.
The change, approved at Weir’s annual meeting in April, resulted in the company moving to a restricted share award scheme, replacing its long-term incentive plan (LTIP).
Mr Stanton was paid a base salary of £663,650 for the year ended December 31, 2018, up from £650,000 and will receive £881,678 under his LTIP. His annual bonus dipped to £618,993 from £686,037.
Mr Stanton was granted 38,473 shares under the restricted share award scheme, which will have a face value of £835,240 at vesting, based on the closing share price ahead of the grant date. Awards will vest in tranches over a seven-year period.
Unveiling its results for 2018 last month, Weir declared that 2018 had been a “transformational” year. It hiked pre-tax profits by 22 per cent to £310m and made its biggest-ever acquisition with the $1.3 billion deal to buy ESCO, an Oregon-based supplier of ground-engaging tools to the surface mining and construction sectors, last April.
The ESCO deal was unveiled as Weir put its Flow Control division business up for sale, with the company eventually offloading the unit to private equity group First Reserve for £275m last month. Weir said the combination of the ESCO acquisition and the Flow Control sale means it now generates more than 80% of its revenues from its core upstream mining and oil and gas markets.
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