12th Oct 2020 07:39
(Alliance News) - Large shareholders of Pearson PLC are calling for the resignation of Chair Sidney Taurel over the pay package offered to the educational publisher's new chief executive, former Walt Disney Co executive Andy Bird, the Financial Times reported Monday.
Bird is to receive a USD1.3 million base salary as well as a co-investment opportunity which will see him buy USD3.8 million shares in Pearson when he becomes CEO, the newspaper noted. In return, he will qualify for an award of up to USD9.4 million.
In September, a third of Pearson shareholders voted against the deal.
Bird is due to become CEO on October 19, succeeding John Fallon.
Three top 20 shareholders told the Financial Times that Taurel's handling of the succession process was "unfinished business" and that his "position was in danger".
Taurel, the former chief executive of US drugmaker Eli Lilly & Co, has been chair since 2016. The shareholders want him to set a departure date before Pearson's annual general meeting next year, the FT reported.
By Greg Roxburgh; [email protected]
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