Saturday, April 30, 2016

Things I don't understand about executive pay

rather apt image from
Mark price, ex head of Waitrose, decided last year to look for a better job (or, more accurately, another job to add to the list of jobs he already manages to do at once). A week ago, it came out that this somehow entitles him to £1.9 million compensation. If the rest of us decided to look for a job we liked better, I'm pretty sure our employers would not be rushing to pay us for NOT working for them. And if he was so bad that they needed to get rid of him, why was he not just sacked - like less privileged people would be?

In case you're confused about any of this, Waitrose have explained it: The timing of Mr Price's exit was agreed "in the best interests of the partnership", and this had "private contractual implications, hence the payment announced today". Aren't you glad it's all clear now?

If this absurd payment really is a contractual requirement that can't be avoided (and it seems implausible that anyone would offer such a contract), shouldn't the staff, who own Waitrose, be looking for compensation from the crazily generous individual who negotiated such a ridiculously costly deal with their money?

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