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BAE Systems hands Woodburn £2m pay rise after poaching bid

BAE Systems hands Woodburn £2m pay rise after poaching bid

Business
Britain's biggest defence contractor has handed its chief executive a multimillion pound pay rise as its board scrambled to prevent a rival FTSE-100 company from poaching him.Sky News can reveal that BAE Systems has increased Charles Woodburn's base salary by well over £100,000 and awarded him an additional 'golden handcuffs' share package worth £2m to ensure his continued tenure at the company. City sources said on Friday that BAE's board had consulted widely with its top shareholders on the issue and had received their support to incentivise Dr Woodburn to stay.Details of the special remuneration arrangements, which the company described as a "one-off", were contained in BAE's annual report published this week.Dr Woodburn's annual salary has been increased to just over £1.1m, while a per...