Berkeley boss Tony Pidgley takes a pay cut but still beats Cristiano Ronaldo
Berkeley founder and chairman Tony Pidgley took a pay cut this year — to £21.5 million — the housebuilder’s annual report revealed.
Pidgley’s pay package, down from £23.3 million the previous year, is still around £5 million more than the annual salary of Real Madrid star and Euro 2016 winner Cristiano Ronaldo.
The vast bulk of Pidgley’s remuneration package is made up by options granted in 2009 when the housing industry was struggling in the wake of the financial crisis. Share options granted at £3.06 vested at £28.50, triggering the huge gain.
The only reason for the pay cut was that the options windfall was even more lucrative last year, while this year half of Pidgley’s annual bonus was deferred under a new bonus plan.
His basic salary actually rose by £25,000 to £850,000.
Other senior management shared in the gains, including managing director Rob Perrins, who earned £11 million.
Of Perrins’ pay package, £9.5 million was made up from vesting share options.
Shares in the company, which eased 7p to 2592p today, are down more than 30% this year on Brexit concerns and worries over the London property market.
