Mothercare CEO's incentive plan stirs investor discontent
LONDON Dec 20 (Reuters) - Mothercare's chief executive faced investor discontent on Thursday when 12 percent of shareholders voted against a pay package given him to turn around the struggling British babycare retailer.
On top of a basic salary of 500,000 pounds ($810,000), Simon Calver, who took up the post in April, could earn up to 6.3 million pounds under the long-term incentive pan (LTIP).
The former head of Amazon's LOVEFiLM International must deliver a Mothercare share price of 700 pence, a full-year pretax profit of 70 million pounds and break even in Britain by 2015 to receive the maximum payout.
Calver also has to invest his own money, equivalent to his annual salary, in shares to qualify for the award.
Mothercare shares closed down 1.7 percent to 350 pence.
The company reported a narrower first-half loss in November.
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