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THE IRISH GOVERNMENT may have rebuffed International Airlines Group’s (IAG) latest offer for Aer Lingus but when it comes to his personal finances things are still looking pretty rosy for chief executive Willie Walsh.
The Dublin native and ex-Aer Lingus boss has seen his salary increase five-fold over the last two years from a mere €1.3 million in 2012 to an enormous €7.9 million for the year just ended.
During that time Walsh’s base salary has remained relatively static at just over €1 million.
The huge increases being seen are a result of an annual incentive award of €2.1 million (a performance-related bonus) and a whopping €4.5 million in long-term incentive vesting (a reward based on the appreciation of IAG’s share price since 2012).
It’s a simple enough conclusion that Walsh’s paymasters are pretty happy with the job he’s doing. Still though, nice money if you can get it.
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IAG’s fortunes have gone from strength to strength since Walsh took over as chief executive in 2011.
IAG was formed initially by the merger of British Airways and the struggling Iberia Airlines in December 2009. Since the initial merger Iberia’s fortunes have been turned around significantly after a wholesale restructuring programme under Walsh’s stewardship.
Aer Lingus still remains very much on the agenda for IAG it seems with Walsh quoted in the results statement as saying “being part of the (IAG) group would, we believe, bring big benefits for both Aer Lingus and our shareholders.”
They (Aer Lingus) have made impressive progress and have built a particularly interesting transatlantic network, using Dublin as a hub.
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