Latest news with #paypackage
South China Morning Post
a day ago
- Business
- South China Morning Post
George Hongchoy steps down as CEO of Hong Kong's Link Asset Management
George Hongchoy Kwok-lung has announced his sudden retirement as CEO of Hong Kong-based Link Asset Management, ending a 16-year tenure amid controversy over his pay package and recent layoffs. Advertisement Hongchoy, 63, would ensure a smooth transition at Link, which manages Asia's largest real estate investment trust, as it sought his successor, the company said early on Tuesday, hours ahead of its annual shareholder meeting. Earlier this month, Link laid off staff members in what it described as 'streamlining a small number of roles and positions', without specifying the number of jobs lost. But, according to the company's latest annual report, Hongchoy took home HK$70.42 million (US$9 million) remuneration in the financial year that ended on March 31, though it was 9.8 per cent lower than a year ago. He remained one of the highest-paid CEOs in Hong Kong-listed companies. Advertisement He still holds 3.86 million shares granted to him by the company between 2021 and the end of March this year. The shares are valued at HK$167 million based on the share price of HK$43.25 as of Tuesday morning. Hongchoy is expected to meet the press after the annual meeting at around lunch time on Tuesday.
Daily Mail
6 days ago
- Business
- Daily Mail
Home Office's top civil servant received £20K performance-related bonus in his £455K pay package as number of small boat arrivals spiralled
The Home Office 's top civil servant received a £455,000 pay package including a £20,000 bonus as small boat arrivals spiralled. On top of his £200,000 annual salary Sir Matthew Rycroft received a £50,000 'exit payment' – of which £30,000 was tax-free – when he stepped down as permanent secretary at the end of March. The Home Office's annual accounts – which set out sums in £5,000 brackets – showed the mandarin received a performance-related bonus payment of £20,000 to £25,000. It was significantly higher than his £5,000 to £10,000 bonus the previous year. From the start of the financial year covered by the report to the date of Sir Matthew's departure on March 28, official figures show 38,023 small boat migrants reached Britain. It was a rise of 26 per cent on the 30,288 who arrived in the equivalent period in 2023-24. Sir Matthew also received £179,000 in pension benefits for the year. It brought his total remuneration package to £455,000 to £460,000. Sir Matthew, now 57, announced in February to staff he was leaving the Home Office 'for pastures new'. One migrant was pictured jumping off an overloaded dinghy - for unknown reasons - as it set off from Gravelines beach He was knighted in the 2023 New Year's Honours List for 'services to British diplomacy, development and domestic policy'. At the time, some senior political figures expressed surprise at the gong. In all, senior Home Office civil servants received bonuses totalling between £80,000 and £120,000 last year. Director General of the Border Force Phil Douglas received a total package of £275,000 to £280,000, the report showed. He, too, was paid a £10,000 to £15,000 bonus on top of his £145,000 to £150,000 salary, plus pension contributions. Dan Hobbs, the Director General of Migration and Borders, received a bonus of up to £5,000 on top of his £130,000 to £135,000 salary, bringing his total package to £265,000 to £270,000, including £128,000 in pension benefits. Border Security Commander Martin Hewitt, a former chief constable, is on £200,000 to £205,000 a year, the report confirmed. Second permanent secretary Simon Ridley was paid £170,000 to £175,000, plus £82,000 in pension benefits. The accounts, published today set out how civil servant's bonuses are performance-related. 'Bonuses are based on performance levels attained and are made as part of the appraisal process,' it said. In November 2023 MPs were left exasperated at the lack of detail Sir Matthew was able to provide about the cost of the Rwanda asylum scheme, which was then in development. Following a series of exchanges where Sir Matthew and his second-in-command Simon Ridley were unable to answer questions, committee chairman Dame Diana Johnson asked: 'Do we have any figures about anything?' Dame Diana is now a Home Office minister, and overlapped at the department with Sir Matthew from last July's election until his departure. The figures came as migrants were seen sprinting across a French beach to reach a dinghy. In scenes reminiscent of the opening sequence of Oscar-winning 1981 movie Chariots of Fire, the migrants ran through surf on the beach at Gravelines, near Calais, this morning. Several hundred migrants are thought to have reached Britain today. Since Labour came to power 45,746 have arrived, not including today's unconfirmed number.
Globe and Mail
04-06-2025
- Business
- Globe and Mail
UnitedHealth (UNH) Shareholders Approve CEO's $60M Stock Award amid Uncertainty
UnitedHealth (UNH) shareholders have approved a substantial pay package for returning CEO Stephen Hemsley. The approval comes as the healthcare giant faces multiple crises, such as regulatory probes, rising medical costs, and a stock price that has plunged 40% this year. The move signals shareholders' confidence in Hemsley's leadership. Confident Investing Starts Here: Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter The pay package includes a $1 million annual salary and a $60 million stock option award, which will vest over three years. It must be noted that the approval came despite a warning from investor advisory group Institutional Shareholder Services (ISS) last month. ISS advised to vote against the pay package, saying it raises concerns because the bonus is not tied to company goals. Leadership Change at UnitedHealth In a brief background, Hemsley took over from Andrew Witty, who led UNH for four years before stepping down. The company faces several challenges during this change. In December, Brian Thompson, head of the company's insurance branch, was killed in midtown Manhattan. Adding to the company's woes, shareholders filed a lawsuit last month alleging that UNH hid how Thompson's death hurt its business. The lawsuit claims UnitedHealth misled investors by changing its claims strategy without warning about lower profits. Further, UNH is reportedly under investigation by the Department of Justice for potential criminal Medicare fraud, according to The Wall Street Journal. Hemsley Pledges to Rebuild Trust Speaking at the annual shareholder meeting, Hemsley acknowledged the company's recent missteps, promising to restore investor trust and conduct a review of UnitedHealth's policies. Hemsley said that UNH underestimated both the volume and the cost of medical care that patients would require. He added that the company is updating its estimates and has adjusted its bids for Medicare Advantage plans. What Is the Future of UNH Stock? Turning to Wall Street, UNH stock has a Moderate Buy consensus rating based on 19 Buys, six Holds, and one Sell assigned in the last three months. At $377.77, the average UnitedHealth stock price target implies a 23.97% upside potential. See more UNH analyst ratings Disclaimer & Disclosure Report an Issue
Wall Street Journal
15-05-2025
- Business
- Wall Street Journal
UnitedHealth's Returning CEO to Get $61 Million Pay Package
New UnitedHealth Chief Executive Stephen Hemsley will get a pay package worth $61 million, mostly in stock options that vest after three years, and which he could keep even if he steps down or is terminated sooner. The UnitedHealth chairman and former CEO returned to the top job Tuesday, replacing Andrew Witty at the helm of the healthcare giant he helped build. Hemsley led UnitedHealth for more than a decade, stepping aside in 2017, and took on the role of chairman after that.
Irish Times
14-05-2025
- Business
- Irish Times
Tesla board explores new pay deal for Elon Musk
Tesla's board has formed a special committee to explore Elon Musk's pay which could lead to the electric-vehicle maker's chief being offered a fresh package of stock options as it seeks to resolve uncertainty over his future. The committee comprises just the chair Robyn Denholm and Kathleen Wilson-Thompson, according to several people familiar with the matter. As well as Mr Musk's pay package it will also explore alternative ways to compensate him for past work should Tesla fail to reinstate his record 2018 pay deal via an appeal at the Delaware Supreme Court this year. After the existence of the special committee was disclosed with a single sentence in a filing last month, major investors have reached out to the board and have been sounded out about their views on Mr Musk's pay and his continued leadership of the company, the people added. Tesla and Mr Musk have been embroiled in a legal battle in Delaware for seven years over the largest pay award in US history. It was struck down by chancellor Kathaleen McCormick, a Delaware judge, in January 2024. She ruled that the amount was excessive and board members had acted in thrall to Mr Musk. They were behaving, she concluded, 'like supine servants of an overweening master'. READ MORE Mr Musk, already the world's richest man, has threatened to leave the electric-car maker he co-founded unless he is awarded greater control over the company. The Texas-based automaker also said in another filing that its proxy statement would be submitted late, indicating that its annual meeting could be delayed. This would allow the committee time to formulate new pay proposals on which shareholders could vote, the people added. Tesla usually holds the event in May or June. [ Tesla board denies launching search for Elon Musk's successor Opens in new window ] The committee is still in the early stages of deliberation and neither a new package nor any decision on how Mr Musk's new pay would be structured is guaranteed, the people said. Any stock options would be contingent on Tesla hitting financial, operational and share price targets. Tesla did not respond to a request for comment. Mr Musk's 2018 package included 304 million stock options, worth a potential $56 billion (€50 billion) at the time of the initial 2024 ruling, $146 billion at their peak in December, and $98 billion at the current share price. He gained the right to exercise all the options in 2023 after hitting ambitious valuation and financial targets. Will DoorDash takeover of Deliveroo mean better pay and conditions for gig economy workers? Listen | 28:33 Ms Wilson-Thompson, a former head of human resources (HR) at pharmacy group Walgreens Boots Alliance, was the sole member of a prior special committee that reviewed the 2018 package after it was voided. She concluded that the size and criteria had been appropriate. However, Ms McCormick rejected an attempt to reinstate Mr Musk's pay in December even after Tesla had won a shareholder vote reapproving the award at its last annual meeting in June. If reinstated on appeal by Delaware's Supreme Court, the package would increase Mr Musk's ownership of Tesla from just under 13 per cent to more than 20 per cent. [ Elon Musk turns Tesla's brutal quarter into a sermon on belief Opens in new window ] In early 2024, Musk said he would leave the carmaker unless his control was increased, arguing that, without a quarter of the shares, he could not fend off activists or ensure that Tesla deployed artificial intelligence responsibly. Mr Musk had already founded a separate AI start-up called xAI in 2023 and merged it with X, formerly Twitter, earlier this year. The billionaire's alliance with US President Donald Trump and actions as head of the so-called Department of Government Efficiency have become a liability for Tesla. EV sales have plunged in the US and Europe, and slowed in China amid fierce domestic competition and Trump's trade war. To pacify restless investors after a stock market slide since mid-December, last month he pledged to devote 'far more of my time to Tesla'. He has since been seen more often at Tesla's HQ in Austin, Texas, according to people familiar with the matter. The company denied a report earlier this month that it was seeking to replace him as chief executive. Tesla shares have rallied since, but are still down 32 per cent from their December peak. Any new package for Mr Musk would be subject to Texas rules because Tesla moved its incorporation last year in protest at Delaware's decision. The special committee has hired a new law firm that specialises in Texan law, McDermott Will & Emery, the people said. It previously used Sidley Austin in Delaware. Tesla's board faces a dilemma over how to deliver more shares to its chief executive if his 2018 package is not restored on appeal, the Financial Times has previously reported. Reissuing the options would trigger a $50bn-plus accounting charge for Tesla and a punitive 57 per cent tax rate for Mr Musk, since the options would be awarded 'in the money', with the financial targets already exceeded. The board itself has also attracted controversy over the amount its members have earned and their close ties to Mr Musk. In January, several directors agreed to return more than $900mn in cash and stock to settle a lawsuit that had argued their pay was excessive. Denholm has sold $538 million in Tesla stock since she joined the board in 2014, including $198 million in the past six months, according to data provider Insider Score. Ms Wilson-Thompson was the sole member of the previous pay committee because all the other directors had either formulated the original package, or had to recuse themselves for being too personally close to Tesla's chief executive. - Copyright The Financial Times Limited 2025
