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Burberry CEO pay outpaces FTSE average

Pay for chief executives of FTSE 100 companies shrank 13% year on year to an average of £3.4m in 2018, but the salary for the top job at Burberry increased by 112%.

The pay for bosses at 43 of the 100 companies increased last year, the latest figures from the High Pay Centre and Chartered Institute of Personnel and Development (CIPD) show.

Pay for the Burberry CEO role – which Christopher Bailey handed over to Marco Gobbetti in July 2017 – rose 112% year on year in 2018 to £7.4m. 

Marks & Spencer boss Steve Rowe and Next’s Lord Wolfson both took pay cuts last year – down by 37% and 32% respectively.

The average pay for CEOs is still 144 times higher than that of the average UK worker, which is currently £24,000. 

CIPD CEO Peter Cheese said: “The gulf between the pay at the top and the bottom ends of companies is slightly smaller this year, but is still unacceptably wide and undermines public trust in business.

“We must question if CEOs are overly focused on financial measures and are being incentivised to keep share prices high rather than focusing on the long-term health of their business.”

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