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Alcatel-Lucent cuts outgoing CEO's payout to EUR 8 mln

2015-09-11 14:25:00| Telecompaper Headlines

(Telecompaper) Alcatel-Lucent has adjusted the remuneration package of its outgoing CEO, Michel Combes, to comply with the recommendations of the French National Committee for Corporate Governance (HCGE). The variable pluriannual remuneration will be capped at EUR 4.85 million, adjusted downward for 2015 depending on performance targets. It will also be paid in cash, rather than shares, calculated on the 20-day average until his last day of service on 31 August. The board reduced the payout for Combes' non-compete clause to EUR 3.1 million. The total remunation was cut to around EUR 8 million from EUR 13.7 million, after an outcry over the CEO's level pay when he only held the post for 2 years. 

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