THE WHAT? After Unilever’s shareholders rejected its remuneration report in May, and following meetings with a series of its largest investors, the UK-based FMCG giant has determined to freeze CEO Hein Schumacher’s pay.
THE DETAILS Schumacher’s salary will be stuck at €1.9 million until at least 2026, according to a report published by Bloomberg.
THE WHY? Investors are frustrated by the manufacturer of Dove’s ‘lackluster performance’, Bloomberg asserts, and shareholders believe that the new CEO’s elevated salary, which is €0.3 million higher than predecessor Alan Jope’s, should have risen steadily, rather than jumped so dramatically on appointment.