Home Breaking FTSE 250 tech chief to receive annual salary of just 79p

FTSE 250 tech chief to receive annual salary of just 79p

by Peter Smyth Tech Journalist
2nd Jul 19 1:48 pm

Ondrej Vlcek, who was appointed as the new chief executive officer FTSE 250 tech firm of Avast on Monday has waived his salary and bonus.

The new chief executive will receive just $1 or 79p for his work this year, he is proposing that his directors’ fees are donated to charity.

His $100,000 salary will be donated to a UK-based charity Demelza Hospice for Children.

Avast floated on the London Stock Exchange just over a year ago for £2.4bn, Vleck then took to the helm, the board confirmed on Tuesday his decision.

Ulf Claesson, chairman of the company’s remuneration committee said, “The board has reviewed and accepted Mr Vlcek’s proposal to waive his annual salary and annual bonus, and is satisfied that he continues to be appropriately incentivised through existing long-term equity-based incentive arrangements and through his 2% shareholding in Avast.

“We respect and commend his decision, which is a testament to his belief in Avast’s long-term value creation potential.”

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