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New Berretta tops the € income charts -
Berretta tops the € income charts
Giuliano Berretta, the outgoing CEO at Paris-based Eutelsat, has almost topped the league table of top French executives. His total package topped €19.3m, and he is second only in the list to the boss of the Camaïeu clothing chain. Eutelsat’s latest results are revealed Nov 5.
In absolute fairness, Mr Berretta’s overall package was based on a modest enough salary of €600,000, plus assorted bonuses worth another €1m, but the larger proportion of the remuneration package came from various share options, many granted when Eutelsat was floated. They were worth €17.7m to him last year.
France’s ‘Capital’ magazine analysed the wealth and income of France’s senior managers, and Mr Berretta managed to receive a ‘Red Card’ from the magazine which stated that his reward package was disproportionate to his performance at Eutelsat (based on rising share value, dividends paid and their regularity, profitability, gross margin).
On the other hand this is Mr Berretta’s last year as CEO. He retires from the position in a few weeks, and thus his total package may be skewed for the financial year in question (which ended in June). He will stay on as the company’s Chairman.