RS Group suffers one of the biggest ‘fat cat’ pay revolts this year
RS Group suffers one of the biggest ‘fat cat’ wage riots this year as 38% of shareholders vote against executive salaries
Outrage: 38% of RS Group shareholders voted against the component supplier’s remuneration report
RS Group has faced one of the biggest ‘fat cat’ wage riots this year.
In a massive uprising yesterday, 38 percent of shareholders voted against the electronic components supplier’s remuneration report. It is the latest blow to the company, whose CFO David Egan quit over a relationship with a colleague.
Egan had just finished a six-month stint as acting chief executive following Lindsley Ruth’s departure last year “for personal reasons.” The wage revolt at the company once known as Electrocomponents follows a similar backlash last year.
Shareholders object to a ‘Journey to Greatness’ bonus plan, which could see 750 percent of salary paid on top of existing incentives. Last year, Egan and Ruth made a combined Β£3.4 million.
Recently there have been major wage riots at home builder Vistry, online grocer Ocado and fashion giant Boohoo.