Reuters Boss Collects £12m Paycheck

18 March 2004

It's a tough job turning round an ailing media giant -- but the Augean task of hauling London-headquartered Reuters Group out of the red did have its compensations for Tom Glocer, appointed chief executive in July 2001.

Eleven point nine million of them, to be exact. Bestowed in the form of £10 million ($18.26m; €14.88m) in shares and options, plus £1.9 million in salary and bonus. Also travel and relocation expenses of £19,878, and a suprisingly modest £21,532 for a company car and healthcare. Plus £239,166 to cover the annual rental of his London home.

A Reuters spokesman in defensive mode told The Guardian newspaper: "It's a very nice house, a west London house appropriate for a chief executive. It's not a palace - London rentals are expensive."

The payouts were revealed Wednesday in Reuters' annual report. They are likely to trigger protests at next month's annual general meeting. At last year's event, around 25% of shareholders voted against the company's remuneration policy, some branding it "offensive".

After that meeting Glocer, a US national, bowed to shareholder anger and trimmed his controversial two-year pay deal as a "goodwill gesture" to UK investors.

Safely back in the black, Reuters' generosity knows no bounds. It extends beyond Glocer to incoming chairman, Unilever's Niall Fitzgerald, who takes over in October.

He will be paid £500,000 a year, nearly twice the renumeration of incumbent Sir Christopher Hogg, making Fitzgerald one of the best paid non-executives ever to adorn a chair in the City of London.

Data sourced from:; additional content by WARC staff