News Formal

UBS tamps back CEO pay after French court blow, earnings miss

  • 📰 Reuters
  • ⏱ Reading Time:
  • 33 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 97%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

UBS cuts Ermotti's pay after French court blow, overhauls bonus scheme

Swiss bank UBS CEO Sergio Ermotti addresses a news conference in Zurich, Switzerland February 20, 2020. REUTERS/Arnd Wiegmann

ZURICH - UBS Chief Executive Sergio Ermotti cashed in less money in 2019 as the bank made pay concessions related to a French tax case and missed earnings goals during his last full year as CEO. Ermotti, who is due to be replaced by ING head Ralph Hamers in November, was awarded a total 12.5 million Swiss francs in salary and bonus for 2019, down from 14.1 million francs the year before, the Swiss bank’s annual report showed on Friday.

UBS unveiled an amended executive bonus system, incorporating metrics related to the French tax case which last year sparked shareholder ire, as well as shareholder and capital returns.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Salesforce Keith Block was not paid as much as co-CEO Benioff - Business InsiderMarc Benioff described his rich bench of executive talent that can run the company even without a second CEO.
Source: BusinessInsider - 🏆 729. / 51 Read more »