Walsh to retain £80,000 Diageo role
13th August, 2013 by Rupert Millar
Paul Walsh, former chief executive of UK drinks group Diageo, is to take on a £80,000 per year role in the company’s Scotch whisky business.
The exact role has not been specified but Diageo said it would reflect his “unique experience” and is expected to be related to the wider Scotch whisky industry.
He was formerly chairman of the Scotch Whisky Association and continues to be a council member.
Walsh, who steps down from the Diageo board next month, is expected to remain in the new post for up to five years.
The fee is also expected to rise in line with the salaries of other non-executive directors reported The Scotsman.
The company’s annual report also revealed that last year Walsh was paid £12.3 million pounds in long-term bonuses thanks to Diageo’s share price performance and it was in shares that the majority of that bonus was paid.
This was in addition to his salary of £1.28m and a bonus of £1.25m he earned this year.
Under his leadership, Diageo has seen its share prices triple and Walsh has been credited with turning the group into a global leader within the industry with acquisitions in emerging markets such as the Far East and Turkey, as well as the on-going entry into India with a major investment in United Spirits.
His total salary of nearly £15m makes him one of the UK’s highest paid chief executives. Angela Ahrendts, boss of fashion house Burberry, earned £16.9m last year.