LONDON Dec 20 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.