Centrica CEO Iain Conn Gets 44% Pay Rise

By Oliver Griffin

Centrica PLC (CNA.LN) Monday said Chief Executive Iain Conn's pay increased by 44% in 2018, even after the British Gas owner missing its adjusted earnings forecasts for the year.

The FTSE 100-listed utilities company said Mr. Conn was paid 2.4 million pounds ($3.1 million) for 2018, compared with GBP1.7 million in 2017, a year when he didn't qualify for payments under the company's short-term incentive plan.

Mr. Conn's pay is 72-times greater than the pay of an employee whose salary falls within the company's lower quartile, who typically earns GBP33,718 a year.

The company also disclosed that Mr. Conn was paid GBP124,000 for his work as a nonexecutive director for BT Group PLC (BT.A.LN).

In February, Centrica said its cash generation in 2019 will take a hit from the U.K.'s energy-price cap, lower volumes at its exploration and production business, and its nuclear operations.

The company said it will cut between 1,500 and 2,000 jobs in a bid to generate GBP250 million in savings.

Write to Oliver Griffin at [e-mail]; @OliGGriffin

(END) Dow Jones Newswires

April 08, 2019 09:16 ET (13:16 GMT)

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