INTERNATIONAL - Vodafone’s chief executive and finance boss have voluntarily cut their share bonus awards by 20 percent to reflect the poor performance of the mobile operator’s stock over the last year, during which it cut its dividend for the first time.
Chief Executive Nick Read, who took the top job in October, will give up about 972,000 shares, worth 1.28 million pounds ($1.60 million) at Wednesday’s share price.
After the cut, he will be awarded 3.89 million shares in the 2020 incentive plan, worth 5.1 million pounds, the company said.
Chief Financial Officer Margherita Della Valle will receive 2.37 million shares under the plan, worth 3.12 million pounds, Vodafone said.
Vodafone’s shares have fallen 19 percent since former Chief Financial Officer Read became Cheif Executive in October 2018, and are down 44 percent since the start of last year.