Opinion
Cashing in on failure
Following on from my blog about the similarities in the boardroom between Cott Corporation and Chelsea Football Club, I thought it was worth exploring another obvious link: the colossal salaries awarded to the recently appointed bosses at both businesses.
It appears that Jerry Fowden, CEO of Cott Corporation, and Guus Hiddink, manager of Chelsea FC, have inadvertently cashed in on the failure of previous managers.
Jerry Fowden – Cott’s third chief executive in less than a year – will receive an annual basic salary of $575,000. He’s also eligible for an annual target bonus of 80% of his base salary and up to 160% of his base salary if he exceeds target goals, so that’s a possible $1.5m pay cheque if all goes well (and that’s before stock options for 2010 and 2011 are taken into consideration).
Mr Hiddink – Chelsea’s fourth coach in less than 18 months – will reportedly get a base salary of $2.25m and a $750,000 bonus for winning the league or FA Cup. Chelsea FC owner, Roman Abramovich, supposedly paid $5m into the bank account of the Russian Football Union to guarantee the services of the national side’s manager. Meanwhile, the Dutchman’s salary with Russia is more than $4m a year, so he may scoop over $7.5m if Chelsea do ‘the double’!
When it comes to millionaire salaries, the world’s fifth richest football club clearly supersedes the world’s largest supplier of private-label soft drinks. But both enterprises are in the Premier League when it comes to enlisting high-earning managers, though retaining them is a different matter altogether.
See also
Latest news
| |