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Vodafone paid Sarin Ј500,000 to return to US

Arun Sarin, Vodafone’s former chief executive, was paid a £500,000 ($828,000) relocation fee by the mobile phone operator in order to move back to the US after leaving the company.

Vodafone’s annual report, published on Tuesday, disclosed the £500,000 fee, which was agreed with Mr Sarin when he became chief executive in 2003.

The report also disclosed that Mr Sarin secured a £8.1m pay package with Vodafone in the year to March 31. He stepped down as chief executive last July.

Vodafone declined to explain what was included in the relocation fee, but said that Vittorio Colao, Mr Sarin’s Italian successor, would not enjoy a similar arrangement.

Although born in India, Mr Sarin has spent much of his adult life in the US and owns a home in California.

When he moved to the UK to become chief executive of Vodafone he was paid a relocation fee of £835,000, which covered legal expenses, stamp duty and transportation costs.

Mr Sarin secured £1.4m of salary, bonus and benefits at Vodafone, including the £500,000 relocation fee, in 2008-09.

In addition, 5.1m Vodafone shares were vested to him under the company’s deferred bonus and long-term incentive schemes.

The 5.1m shares were worth £6.1m based on the company’s closing stock price last night of 118.8p. He also received dividends worth £564,000.

Vodafone declined to comment on whether Mr Sarin had sold the 5.1m shares. Mr Sarin held 26.7m Vodafone share options at March 31, but many are exercisable at levels above the current stock price.

Vodafone’s top managers, led by Mr Colao, will have their salaries frozen at 2008-09 levels during 2009-10. Mr Colao secured £2.3m of salary, bonus and benefits in 2008-09.

His maximum possible bonus for 2008-09 was £1.9m, but he got £881,000 because performance targets were only partially met.

Vodafone reported pre-tax profit of £4.2bn for 2008-09, down 54 per cent, mainly because of impairment charges.

This month, 154,000 Vodafone shares will vest to Mr Colao under the company’s deferred bonus scheme based on performance criteria judged at March 31. In November, 3.5m Vodafone share options will vest to him.

However, no performance shares will vest to Mr Colao in 2009 because Vodafone did not hit targets on total shareholder return.

Lord MacLaurin, Vodafone’s chairman until July 2006, has been paid an annual consultancy fee of £125,000 over the past three years, which will now stop.

Источник: Financial Times

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