Swatch Group boss Nicolas Hayek Jnr’s compensation package was worth a total of nearly £5m in 2015, representing a pay cut of £292,000 on the previous year.
To comply with Swiss transparency laws, Swatch Group have published the earnings of its senior management today alongside its annual report.
Hayek Jnr, as Swatch Group chief executive and president of its management board, has a basic salary of CHF 1.5m (£1m), bonuses worth CHF 3.1m (£2.2m), CHF 1.7m (£1.19m) in share options and CHF 568,775 (£400,000) in other compensation.
Added to the CHF 164,372 (£164,372) in compensation that Hayek Jnr receives for sitting on the Group’s board of directors, his annual package totals CHF 7,043,072 (£4.97m) making him the highest paid individual at Swatch Group.
Hayek’s £292,000 pay cut in 2015 was roughly 4% of his 2014 compensation package. Last month Swatch Group reported that its net sales were down 3% in 2015, although profits slid 21%.
Hayek Jnr’s sister Nayla, chairwoman of Swatch Group’s board of directors, received a total compensation package worth CHF 4.4m (£3.1m) in 2015. Swatch Group’s Compensation Report does notspecify whether this includes a salary for her role as chief executive officer of Swatch Group-owned brand Harry Winston but the package represented a drop of £347,364 on the previous year.
In total, Swatch Group’s executive group management and extended group management board were compensated to the tune of CHF 38.1m (£26.87m) with the majority of that being made up of bonuses and shares (combined CHF 26.7m or £18.8m).
The share options open to senior management allowed them to purchase Swatch Group shares worth CHF 72.6 for CHF 4.