Former England footballer David Beckham has netted a £4.5m paper profit as Cellular Goods, the cannabis company that he has backed, soared on its stock market debut, says The Times. Beckham had paid £250,000 for his 5% stake at the end of January, paying 1p a share. The shares were priced before the initial public offering at 5p but closed 280% higher after their first day of trading at 19p.
Adam Neumann, the co-founder and former chief executive of WeWork the shared office space provider, is set to reap an extra $50m special payout and receive a five-year extension to a $430m loan made to him in 2019 by WeWork’s majority shareholder, Softbank according to The Wall Street Journal. The proposed agreement would end a bitter dispute involving Neumann and Softbank, which will see Softbank buy around $1.5bn of stock including almost $500m from Neumann.
US cinema chain AMC Entertainment, one of the stocks at the centre of the Reddit share buying frenzy at the end of January, has approved a $3.75m bonus for its chief executive, Adam Aron, says Reuters. Other senior executives are also entitled to bonuses from $173,000 to $507,000 as a means to preserve stockholder value during the pandemic. The Kansas based company avoided bankruptcy through a debt restructuring deal last year.
Nice work if you can get it!
Sundar Pichai, boss of Google’s parent company Alphabet, has topped a list of America’s 100 most “overpaid” chief executives after earning $280.6m in 2019, says Keith Griffith in the Daily Mail. The rankings, released by non-profit shareholder advocacy group As You Sow, compares executive compensation to a company’s shareholder return over the past five years to determine “excess” pay. In 2019, Pichai earned 1,085 times the median employee’s pay at Alphabet.
As You Sow calculates that around 95% of that is “excessive”. David Zaslav of broadcaster Discovery was second on the list, earning $45.8m; CVS Health Corporation’s Larry J. Merlo was third with $36.5m. Discovery, Disney and Comcast were singled out as the worst of the “repeat offenders”, paying high sums despite consistently underperforming their CEO pay increased by 14% in 2019 from the previous year to an average of $21.3m.
Kris Paterson is a writer for www.whatjobs.com the global job search engine