Burberry chief executive and chief creative officer Christopher Bailey has offloaded £5.2m of shares in the company, weeks after shareholders staged a revolt against his £27m pay package.
Bailey has sold more than 68,600 shares and nearly three-quarters of two sets of performance-related shares granted in 2011 and 2009 when he was the company’s chief creative officer, according to reports. He retains 303,110 shares worth around £4.37m.
It is understood that nearly half of the shares granted under the performance related schemes were sold to cover taxes. Of the remainder, half were retained and half were cashed out. It is thought Bailey will take home more than £4.1m from the share sales.
On the timing of the move, Burberry said: “There are only certain times of the year when board members of a public company can sell shares which is why he is doing this now.”
Burberry shareholders staged a revolt against Bailey’s pay scheme in July, with 52.7% of investors voting against the company’s remuneration report at its AGM.
Bailey receives a £1.1m basic salary and an additional £440,000 cash allowance and an annual cash bonus of up to twice his salary, as well as share awards of up to four times his salary. Last year he was given a one-off award of free shares worth almost £15m.