Wizz Air offers chief Varadi GBP100m bonus in return for rapid growth
Wizz Air will hand its CE Jozsef Varadi a GBP100m bonus if he can rapidly grow the low-cost airline as it emerges from the pandemic, setting up one of the biggest ever payouts from a London-listed company. Varadi will need to more than double Wizz’s share price from £48 to £120 over the next five years to hit the one-off award, which would be paid in shares over a four-year period, according to documents sent to shareholders ahead of the company’s annual meeting. The potential windfall underlines Wizz’s aggressive expansion plans across Europe, as well as its reliance on Varadi to execute them. It would also leave the Hungarian better paid than almost all his peers in the European airline industry, including Ryanair boss Michael O’Leary, who signed a contract in 2019, which included a E99m payout from stock options, dependent on the airline’s share price or profitability over five years. Other big payouts in the UK include Bet365’s GBP421m package for Denise Coates for the year to the end of March 2020, which made the founder of the private gambling company the best-paid executive in the country. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2021-07-05/unaligned/wizz-air-offers-chief-varadi-gbp100m-bonus-in-return-for-rapid-growth
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Wizz Air offers chief Varadi GBP100m bonus in return for rapid growth
Wizz Air will hand its CE Jozsef Varadi a GBP100m bonus if he can rapidly grow the low-cost airline as it emerges from the pandemic, setting up one of the biggest ever payouts from a London-listed company. Varadi will need to more than double Wizz’s share price from £48 to £120 over the next five years to hit the one-off award, which would be paid in shares over a four-year period, according to documents sent to shareholders ahead of the company’s annual meeting. The potential windfall underlines Wizz’s aggressive expansion plans across Europe, as well as its reliance on Varadi to execute them. It would also leave the Hungarian better paid than almost all his peers in the European airline industry, including Ryanair boss Michael O’Leary, who signed a contract in 2019, which included a E99m payout from stock options, dependent on the airline’s share price or profitability over five years. Other big payouts in the UK include Bet365’s GBP421m package for Denise Coates for the year to the end of March 2020, which made the founder of the private gambling company the best-paid executive in the country. <br/>
