British Billionaire Matt Moulding Lands $1 Billion Bonus

Guia de uso exclusivo para Acompanhantes, Donos de Sites divulgarem seus links e/ou fotos de Trans existentes nos seus sites e para Acompanhantes divulgarem seus blogs e sites próprios.


British Billionaire Matt Moulding Lands $1 Billion Bonus

Mensagempor miniming » 22 Nov 2020, 02:40

British Billionaire Matt Moulding Lands $1 Billion Bonus, Then Hires ‘Remuneration’ Expert To Clear Up Governance Issues

Imagem

Matt Moulding, the muscle-bound, Lamborghini-driving founder of The Hut Group e-commerce empire, best known for protein shakes and its own brand of beauty products, has successfully passed the test he set for himself to award (himself) a massive bonus in the form of stock of The Hut Group, which trades as THG Holdings.

The bonus—worth an estimated $1.1 billion based on today’s share price—approved by shareholders, is spelled out in the company’s IPO prospectus as being granted when the “equity value” of THG’s listed and unlisted shares reaches an average of $8.6 billion (£6.5 billion) over a 15-day period. The billionaire comfortably passed this milestone just two months after IPO, THG Holdings now sports a market capitalization of $10.9 billion (£8.2 billion).

Payday

The generous payday makes Moulding one of the world’s highest-paid CEOs. But he leads a company with some unnecessarily complex governance. One London-based analyst who covers THG Holdings, speaking under the condition of anonymity, described the company as having a complex structure, and said (with implied understatement) that THG “isn’t the easiest to pull together.”

Imagem

As the result of the share bonus, Moulding’s stake in the company he founded has risen from 17% of 1.08 billion shares at IPO, to 25.1% of 1.27 billion shares, according to a company spokesperson. Moulding’s 17% of THG at the close of its first day’s trading on the London Stock Exchange in mid-September put his stake at $1.4 billion. Now, counting the shares he received as a bonus, his fortune is worth $2.7 billion.

MORE FOR YOU : pgslot

Although Moulding’s net worth is tied up in the company’s shares, the IPO prospectus confirmed that the CEO will also receive a salary of around $1 million (£750,000) per year, which a THG spokesperson now says will go to charity.

The Remuneration Committee

Having secured his billion-dollar bonus, Moulding and The Hut Group announced on Tuesday the appointment of Damian Sanders, a former senior audit partner at Deloitte, to join the board and chair the remuneration committee with immediate effect. Sanders, the company said, is the fourth independent nonexecutive director to arrive following the September IPO.

The appointment follows criticism, reported by the London Times in late October, that THG’s governance had triggered a number of “red flags” amongst a collection of London banks including Barclays, JPMorgan, Jefferies and Goldman Sachs, with concerns raised over said lack of an independent chairman to keep the founder in check.

Luke Hildyard, the director of campaign group the High Pay Centre, told Forbes that the new hire “looks like a measure lined up in expectation of justifiable criticism of the extraordinary payout,” questioning whether Sanders and the so-called remuneration committee can really challenge the established working culture coming from the “usual cliques” of the “business and financial elite.”

Imagem

However, addressing governance concerns Moulding is reported in the Times as claiming that the incentive scheme (also known as a $1 billion dollar share bonus) was in fact part of an agreement with pre-IPO investors KKR and Balderton Capital to bring his ownership up to 25%. Staff at THG Holdings, meanwhile, will share a $332 million pot when the slightly tougher $9.6 equity value hurdle is surpassed.

Moulding’s retail empire includes more than 150 mobile-friendly websites, spanning from fashion to nutrition and beauty suppliers, offering next-day delivery to U.K. customers and selling across 164 countries in total. Forbes first called him a billionaire in September after The Hut Group’s IPO.

The company makes money through a mixture of retail—top-selling lines include its own-brand nutrition and beauty products—and proprietary e-commerce technology, with clients including retailers like Walgreens, Johnson & Johnson and Nintendo. The focus on the internet helped The Hut Group have a better summer than most British businesses, which are struggling amid the Covid-19 pandemic. In the quarter ended September, revenue hit $500 million, a 38% rise from the same period last year.

The company, which employs around 7,000 people and generated $1.48 billion in 2019 revenues, has been pushing into the manufacturing of beauty and health products following the purchase of a number of players in the industry, including premium British beauty brand Acheson & Acheson in 2018 and Perricone MD for a reported $60 million in September.

Moulding, who once worked for fellow British billionaire John Caudwell at retailer Phones4U, founded The Hut Group in 2004, later spending £500,000 in 2009 to buy CD and DVD chain Zavvi, formerly Virgin Megastores, out of bankruptcy.
miniming
 
Mensagens: 31
Registrado em: 04 Out 2020, 06:10

Voltar para Acompanhantes Travestis Porto Alegre

Quem está online

Usuários navegando neste fórum: Nenhum usuário registrado e 0 visitantes


Busque com google search

cron