It's been revealed that Vodafone agreed to a relocation fee of £500,000 (US$818,623 for its former chief executive, Arun Sarin to move back to the USA. The payment was part of a £8.1 million (US$14.4 million) salary for four months work last year prior to his resignation from the company.
The payment exceeded the £7.3 million he received for the full year in 2007.
According to the company's annual report released yesterday, Mr Sarin collected £436,000 in basic salary, £434,000 in short-term bonus shares, £546,000 in dividend payments and extra awards, including the relocation fee, of £553,000. On top of this Mr Sarin was granted incentive shares worth £6,860,079 when they were vested to him last summer.
A Vodafone spokesman said: "We have paid Arun Sarin what we were contractually obliged to pay him and no more."
The company paid a relocation fee of £1 million when Sarin was recruited and moved over from the USA in 1999.
Posted to the site on 4th June 2009
Posted to: www.cellular-news.com/story/37838.php