JOHN RITBLAT, the chairman and chief executive of British Land, was gifted 225,000 shares under the company’s long-term share incentive plan last year, valued at about £1.3 million at the last time of the award.
The shares, which were disclosed in yesterday’s annual report, were awarded after Mr Ritblat exceeded performance hurdles over a three-year period, outperforming industry indices by more than 5 per cent. So far he has retained the shares as an investment.
The share award came on top of a £1.3 million pay package for 2004, comprising a basic salary of £801,500, an annual bonus of £475,000 and benefits totalling £19,842.
It is likely to be Mr Ritblat’s last bumper pay package because the remuneration committee is expected to trim his pay once the company appoints a new chief executive.
Mr Ritblat’s employment agreement with British Land is unusual because he does not have an official contract, nor does he draw a company pension.
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It is understood that Whitehead Mann, the headhunter, has found several potential candidates for chief executive, but so far the company has not indicated a preference.
British Land’s 15-month search for a new chief executive ended in farce earlier this year after Philip Yea pulled out at the last minute to join 3i, the venture capital firm.The other favourite for the job, Nick Ritblat, a British Land director and son of John Ritblat, has indicated that he does not want the role.