From British daily The Morning Star:
BT boss ‘rewarded for failure’ with ‘outrageous’ £3m payout
Wednesday 27 May 2009
The Communication Workers Union condemned a £3 million payout to the boss who presided over the company’s disastrous losses and job cuts as “outrageous” on Wednesday.
Francois Barrault headed the BT division handling telecoms networks for major organisations – ranging from consumer goods giant Unilever to the NHS – before stepping down last October.
Mr Barrault received a total of £2.85 million, including a £1.6m termination payment, according to firm’s annual report.
He also gained £573,000 in salary and pension contributions up until the end of November when he left and £684,000 in other benefits, including a retention payout and allowances for housing, school fees and social clubs.
BT has been forced to write off more than £2 billion in over-optimistic assumptions on contracts and restructuring charges at the global services arm, after an “unacceptable” performance.
The company cut 15,000 jobs last year and is expected to axe a further 15,000 this year – 10 per cent of its workforce – as it looks to cut costs.
CWU deputy general secretary Andy Kerr said: “Mr Barrault’s pay-off is outrageous. He is being rewarded for failure.
“This gives the wrong signal to staff at a time when they are being asked to make significant changes to the way they work.
“BT must look at the big picture when it comes to remuneration. All BT staff deserve a share in company success, not just those at the top.”
Britain: Hundreds of workers responsible for producing dozens of household-name products picketed Unilever’s AGM today against its “greedy attack” on their pensions: here.
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