Pearson chief rocked by investor backlash over £13m pay
The boss of Pearson was given a bloody nose yesterday as investors rebelled over his pay package of nearly £13m.
At the education publisher’s annual general meeting, 24.4 per cent of shareholder votes came in against a pay deal that could land Omar Abbosh as much as £12.8m this year.
The maximum payout possible is 45 per cent higher than last year’s potential package of £8.9m and was branded ‘excessive’ by advisory groups Glass Lewis and ISS.
Bloody nose: Investors rebelled over Omar Abbosh’s nearly £13m pay package
The Pearson vote came ahead of a looming rebellion at advertising giant WPP’s AGM next week over the £11m a year that new chief executive Cindy Rose could earn.
ISS and Glass Lewis have recommended that shareholders reject the package.
WPP investors are nursing heavy losses with shares down 20 per cent this year.
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