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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Imperial Brands PLC    IMB   GB0004544929

IMPERIAL BRANDS PLC

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Imperial Brands : Cigarette maker Imperial cuts CEO's pay package after investor concerns

02/18/2021 | 10:25am EDT
FILE PHOTO: Packs of Gauloises cigarettes are on display in a tobacco shop in Vienna, Austria

(Reuters) - Imperial Brands has decided to cut Chief Executive Officer Stefan Bomhard's performance-linked pay after shareholders expressed concerns over his remuneration package, the cigarette maker said on Thursday.

The company said Bomhard, who joined as CEO in July last year, and the remuneration committee have agreed that the face value of his 2021 long term incentive plan award will be cut to 315% from 350% of his salary.

At its annual general meeting earlier this month, Imperial said around 40% of shareholders voted against the directors' remuneration report.

The shareholder revolt over Bomhard's salary came as it was "significantly larger" than his long-running female predecessor, according https://www.thetimes.co.uk/article/revolt-over-imperial-bosss-pay-rise-n8mvws9vc to The Times newspaper.

When Imperial Brands announced Bomhard's appointment in February last year, it said he would receive an annual salary of about 1.3 million pounds ($1.82 million) and a pension allowance equivalent to a maximum of 14% of salary and other usual benefits.

Since joining, the former Inchcape executive has promised to boost the company's performance by bringing in new talent, changing incentive structures and sharpening focus on top markets.

This is not the first time shareholders have revolted against the tobacco company's CEO pay packages.

The company was forced to revisit a pay rise for its then CEO Alison Cooper in 2017, after shareholders balked https://www.theguardian.com/business/2017/jan/26/imperial-brands-shareholders-pay-rise-executive-pay-bonuses at the pay package, which was slated to increase her salary to almost 8.5 million pounds annually from 5.5 million pounds.

($1 = 0.7161 pounds)

(Reporting by Yadarisa Shabong and Siddharth Cavale in Bengaluru; Editing by Ramakrishnan M.)


© Reuters 2021
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Financials
Sales 2021 8 738 M 12 008 M 12 008 M
Net income 2021 1 585 M 2 178 M 2 178 M
Net Debt 2021 9 539 M 13 109 M 13 109 M
P/E ratio 2021 8,60x
Yield 2021 9,03%
Capitalization 14 567 M 20 024 M 20 017 M
EV / Sales 2021 2,76x
EV / Sales 2022 2,66x
Nbr of Employees 32 500
Free-Float 92,3%
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Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 1 913,26 GBX
Last Close Price 1 553,50 GBX
Spread / Highest target 93,1%
Spread / Average Target 23,2%
Spread / Lowest Target -26,4%
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Managers and Directors
NameTitle
Stefan Bomhard Chief Executive Officer & Director
Oliver Reginald Tant Chief Financial Officer & Executive Director
Therese Marie Esperdy Non-Executive Chairman
Steven P. Stanbrook Independent Non-Executive Director
Simon Langelier Independent Non-Executive Director
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