EasyJet relaxes executive pay goals as CEO’s remuneration dives

EasyJet relaxed performance targets for CEO Carolyn McCall as the discount carrier seeks to bolster pay and retain top managers amid a downturn in the European aviation market. EasyJet must achieve a return on capital spending of 13% for the next three fiscal years in order to trigger full long-term incentive payments, down from a previous goal of 20%, according to the company’s annual report released Monday. The weighting of various measures of success in determining incentive and bonus payments will also be reviewed, Europe’s second-biggest low-cost airline said. McCall’s total remuneration shrank to GBP1.5m in the year ended Sept. 30 from GBP6.2m in fiscal 2015. Incentive payments fell almost 90% and the annual bonus dropped 80%, with a 10,000-pound raise in her base salary. EasyJet’s remuneration committee is modifying its pay goals as aviation bears the brunt of economic and political uncertainty. Britain’s vote to exit the European Union has put earnings under pressure, with fares already hurt by sluggish growth and a spate of terrorist attacks.<br/>