Wizz Air faces revolt over boss’s £100m bonus
Wizz Air faces revolt over boss’s £100m bonus
Wizz Air is facing a shareholder revolt at its annual meeting this week over changes to a pay plan that could give boss Jozsef Varadi a £100m bonus.
Trusted advisor Pirc has told investors to vote against the pay, as well as last year’s pay plan and the reappointment of two directors.
A third of the Hungarian budget airline’s shareholders voted against the £100 million bonus package when it was proposed in 2021.
Outlook: Wizz Air expects to return to profit by the end of this financial year
Varadi, co-founder of Wizz in 2003, must meet a series of targets to get paid, including a rapid increase in share price and environmental objectives.
The £2.5 billion company has now proposed changes as Varadi has extended his term.
Pirc called the plans “deeply outrageous” and said executives, “particularly the CEO, could receive huge bonuses for changes beyond their input or control.”
Wizz Air expects to return to profit by the end of this financial year.