Published on: 4th Jun 2012

Vodafone Group's CEO, Vittorio Colao will see his total pay this year more than double to around 14 million (US$21.5 million), thanks to long-term performance based bonuses.

According to the annual financial statement published by the company, the value of long-term share options have almost tripled in value from 3.75 million to just under 11 million.

In addition, he received a 1.1 million salary which was a 10% rise on the previous year, and received a further 899,000 in benefits and other payments. A cash bonus however fell to 1 million from 1.3 million a year ago.

The bonus comes as the company's market capitalisation has risen by 15 billion since Mr Colao took over as CEO in July 2008, and the company has paid out 19.2 billion in dividend payments, boosted by a one-off payment from Verizon Wireless and disposals.

However, the company announced a 4 billion write-down in its latest financial results due to weak performance in Europe.

Mr Colao's $21.5 million compensation package compares with the $23.1 million offered to Lowell McAdam, his counterpart at Verizon Communications, and the US$22 million offered to AT&T's CEO, Randall Stephenson.

Tags: [vodafone] [vittorio colao] [UK]

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Vodafone Group CEO Sees Personal Earnings Double to $21.5 Million