Man CEO Clarke misses out on £14m incentives
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Man Group's chief executive has missed out on incentive payments of $23m (£14m), the company's accounts showed, as clients pulled their cash out of the world's largest listed hedge fund firm during the financial crisis.
Peter Clarke, who took over as CEO from industry "godfather" Stanley Fink in 2007, was granted a shares and options package in 2008 worth around $14m, dependent on performance, as part of a three-year incentive plan.
The plan matured last March when the package was worthless because Mr Clarke did not hit his targets. In addition, he was given a deferred bonus in shares, worth $13.5m in 2008. These were worth just $4.1m by the time he was allowed to sell them last year.
Mr Clarke's pay for 2011 dropped 10 per cent to $2.9m. He was also awarded just over $4m in long-term incentive plans, taking his total package to just under $7m, down 30 per cent on the previous year.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments