LONDON--Ian Livingston, the departing chief executive of BT Group PLC (BT.A.LN), will receive almost 9 million pounds ($14.4 million) in bonus shares and incentives when he leaves the British telecommunications company to become U.K trade minister this month, the Financial Times reported Saturday.
Mr. Livingston, who also received about GBP8.5 million in salary and bonuses in the past year, was asked by the prime minister this summer to take a trade role that comes with a peerage but no salary.
The BT remuneration committee decided Mr. Livingston should receive about half the potential payout that was due under his long-term incentive plan for "the major contribution he has made to BT's turnaround in recent years," the report said.
The committee pointed to the company's share price rise in recent days to a 12-year high. Under Mr. Livingston's tenure, BT's share price has risen from 75 pence to more than GBP3. Mr Livingston has waived off a pay rise for the past two years.
The payout, which is subject to tax, will be put to vote at the 2014 shareholder meeting, the FT said.
Newspaper Web site: http://www.ft.com/cms/s/0/64d48862-2207-11e3-bb64-00144feab7de.html#axzz2fW2MuTo3
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