Thomson Reuters gives senior execs multi-million dollar share handout
LONDON - Thomson Reuters has granted six of its senior executives, including its chief executive Tom Glocer, share awards that could be worth $61m (£42m).
Glocer, who was formerly Reuters chief executive before the company merged with Thomson Corporation, was given restricted stock units valued at a potential $26.1m over five years.
He was also given separate cash and stock bonuses and a $757,000 relocation payment that took his compensation package, for his first year as leader of the newly merged firm, to $8.91m.
His colleague, Devin Wenig, chief executive of the markets division, was granted a similar share reward valued at $15.9m, on top of a $4.54m package for the year.
Thomson Reuters said the awards for Glocer and Wenig were partly a reflection of the fact that they could not join Thomson's defined pension plan for executives, which is now closed to new participants, according to a report in the FT.
Geoff Beattie, president of the Woodbridge Company, the controlling shareholder of Thomson Reuters, was also granted restricted stock units with a theoretical value of $3.57m, while Niall FitzGerald, former Reuters chairman, received restricted stock valued at $707,000.
The rewards follow a profitable 2008 for Thomson Reuters, which grew revenue last year by 8% to $13.4bn. The results were calculated on a pro-forma basis as if Thomson Corporation and Reuters had already been trading as a combined group.
Canada's Thomson Corp bought British-based news agency Reuters in April last year for $17bn.
The enlarged firm said it expects higher revenues this year despite job losses in the financial services industry, which it depends on for most of its revenues.
In its annual report published on Monday, Thomson Reuters said: "We do not believe that our information is a discretionary purchase for our markets division customers, but rather a necessity for them to run their businesses on a daily basis."
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