Xstrata CEO in line for £75m payday

The chief executive of Xstrata is in line for a £75m payday as head of the company created from a merger of the miner with commodities giant Glencore.

Mick Davis’ payout includes £28.8m in “retention awards”, mostly in cash, simply for staying at the new company for three years, regardless of his performance, the Telegraph reports. Another £144m will be split among 72 other Xstrata executives in the same way, to keep them on for two years. The rest of Davis’s package comprises the roughly £9.8m he could get per year in salary, bonus, benefits and the like. He is also in line for £6m a year via a long-term incentive plan if he hits targets and the scheme remains the same. The plans were revealed in merger documents sent to shar...