BT CEO Gavin Patterson was awarded a bonus of £1.3 million (almost US$1.75 million at the current GBP/USD exchange rate) on Thursday despite the corporation having a tough year, the Financial Times reported.
Additionally, Mr. Patterson was given a 2.5 per cent pay rise, as were numerous other board members and senior managers at the British telecommunications company, which provides a range of services, including broadband access.
His recently awarded bonus coupled with his standard pay brings his total annual compensation to £2.3 million (almost US$3.1 million.)
Despite top executives losing share allocations due to the firm’s poor performance in 2017, many were, understandably, angry at BT’s decision to pay out obscene bonuses just days after the company announced plans to slash its UK workforce.
Brits took to social media to express their opposition to the “callous greed” of BT executives and the wider issue of large corporations paying their CEOs large bonuses, especially in the case of struggling businesses.
@bt_uk. My extortionate phone bills seem to support the undeserved bonus of your company CEO that reports poor profit ratios, cuts 13000 staff from his payroll, and still keeps smiling. Explain please?— Dave Miller (@Millathegorilla) May 25, 2018