Sir Dave Lewis, the chief executive of drinks giant Diageo, could receive as much as £20m in pay for the year to June 2027. The firm's remuneration report indicates a more likely figure of around £9m.
This potential pay package comes as Sir Dave oversees job cuts across the company. Diageo's annual report suggested that nearly 2,000 jobs were shed in the year to June, leading to a six per cent fall in total headcount to 27,938. The majority of these reductions occurred in Africa, with 928 jobs lost, and 405 corporate roles cut.
A new long-term incentive scheme for Lewis is being proposed by Diageo and will be presented to shareholders in November. This plan covers the three years from June 2026 and could allow Lewis to claim up to £15m in September 2029.
Diageo posted a three per cent dip in sales to $19.6bn in the year to June, with Lewis unveiling an $850m (£631m) cost-cutting plan. A company spokesperson stated that the proposed remuneration policy is designed to retain and attract high-quality leadership to deliver a new strategy and improve financial performance.