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Centrica’s chief executive, Chris O’Shea, witnessed a notable increase in his annual pay, totaling approximately $10.4 million for 2023, as revealed in the energy company’s latest annual report. This substantial rise, from $5.7 million in the previous year, was primarily attributed to bonuses linked to Centrica’s share price performance and reported profits of $3.5 billion.
O’Shea’s remuneration package included a $1,020,000 salary, approximately $1.8 million in annual bonuses, and $7.5 million in longer-term bonuses tied to the company’s stock performance. The surge in Centrica’s share price, driven by geopolitical events and regulatory decisions affecting energy prices, contributed to the significant increase in O’Shea’s pay.
O’Shea, who took on the role of CEO in 2020, faces the ongoing challenge of balancing executive compensation with public perception amidst Centrica’s financial gains and persistent consumer challenges in the energy sector. As he continues to lead Centrica, O’Shea navigates the delicate relationship between company performance and executive pay.
Despite O’Shea’s earlier reservations about justifying such a salary, particularly in light of customer hardships, the company defended his compensation structure. Carol Arrowsmith, a Centrica board member overseeing remuneration, stressed the importance of attracting and retaining top executives for the company’s long-term success, highlighting that O’Shea’s pay was consistent with industry standards and approved by shareholders.
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