XPO shareholders reject executive pay plan 12 May 2021 Press Release
The vote follows revelations from unions that money that XPO took as UK furlough payments was received around the same time that executive pay was boosted.
Unions have welcomed the decision of shareholders at XPO Logistics to reject a highly controversial executive pay proposal.
At its annual general meeting held online earlier today (Tuesday 11 May) in the United States, shareholders of XPO Logistics rejected the company’s ‘Say-on-Pay’ proposal. This was in response to XPO’s chief executive officer Bradley Jacobs being granted a cash incentive award of up to US$80 million.
Courtesy of XPO Logistics
XPO shareholders voted to reject Brad Jacobs 2021 compensation package after a Teamsters campaign.
Jacobs total compensation was $21.8 million in 2020.
The vote is nonbinding but represents a first for the logistics company.
XPO Logistics shareholders voted Tuesday to reject the compensation package for CEO Brad Jacobs as laid out by the company.
Jacobs, who has been the CEO of XPO for nearly 10 years, is set to make $80 million in long-term incentives on top of his base compensation, which is the primary objection of the International Brotherhood of Teamsters and other organizations that campaigned for Tuesday s result.
In 2020, Jacobs took home $21.8 million more than double many of his trucking and logistics peers, including the CEOs of J.B. Hunt, Schneider National, Yellow, Knight-Swift, Old Dominion, Landstar, and Ryder, according to an Insider analysis of the companies proxy statements. Jacobs also made near
XPO boss accused of receiving multi-million-pound bonus while receiving millions of UK furlough cash 10 May 2021 記者発表資料
Unions representing workers at XPO Logistics are calling for a full investigation after it emerged the American chief executive of the company received an incentive award of up to $80 million (£57 million), while the company is estimated to have received more than £100 million from the UK government in furlough payments.
The pandemic bonus payment to Bradley Jacobs, XPO chief executive, comes amid growing scrutiny of paying senior managers large bonus and dividend payments while their companies receiving government support.
XPO employs more than 25,000 workers in the UK and carries out transport and logistics work for many of leading supermarkets including Morrisons, Co-op, Waitrose and Iceland.
UNIONS have condemned the boss of logistics giant XPO for taking a multimillion-pound bonus despite the company receiving furlough support.
The $80 million (£57m) Covid-19 pandemic bonus to US chief executive Bradley Jacobs comes amid growing scrutiny into “pandemic profiteering.”
Analysis of government figures show that XPO claimed at least £3.28m in furlough payments in December and up to £10.5m in February, Unite and GMB said.
If this figure is averaged over the entire period of the furlough scheme to date, then XPO would have received more than £100m, with the company potentially benefiting from taxpayer-funded business rates relief too, the unions said.
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