Departing BA boss Willie Walsh saw his pay jump to £3.2m last year despite tumbling profits
IAG boss Willie Walsh was handed a 5.5 per cent pay rise in 2019, up from £3m in 2018
International Airlines Group’s departing boss Willie Walsh saw his pay jump to £3.2million last year – despite tumbling profits at the British Airways owner – and stands to retire with millions in share bonuses.
The annual report showed Walsh had a 5.5 per cent rise, up from £3million in 2018, with an £883,000 bonus and £1.2million in shares.
He stands to get 1.1m shares worth £5.2million under long-term bonus schemes over the next four years, if targets are met.
More shares worth around £1.1million are due in annual payouts between this month and March 2022.
This is on top of £288,000 for pay and benefits for 2020 before he steps down on March 26, while he is also eligible for a proportion of the 2020 annual bonus, worth up to £425,000.
Details come just a week after IAG posted a 33.6 per cent fall in profits to £2.6billion for 2019.
Walsh is retiring after a 15 years with the company.
His successor, Luis Gallego, will be paid £820,000, and possible bonuses worth up to £3.3million a year.