BAE Systems Ian King and Dick Olver coin it despite merger failure

p53 File photo dated 08/12/10 of a worker at BAE Systems as a potential multibillion pound merger between defence giant BAE Systems and Airbus aircraft manufacturer EADS has come under further pressure after a major shareholder demanded a better deal. PRESS ASSOCIATION Photo. Issue date: Tuesday October 2, 2012. French media tycoon Arnaud Lagardere, who is EADS chairman and whose company Lagardere owns a 7.5% stake, wants better terms for French controlling shareholders. See PA story CITY BAE. Photo credit should read: Chris Ison/PA Wire

Tom Bawden

19 March 2013

BAE Systems chief executive Ian King and chairman Dick Olver made £2.2 million and £745,000 respectively in 2012 — a year in which the aerospace giant failed with an audacious merger attempt with Airbus owner Eads and profits fell by 6%.

King’s total pay, including a £963,000 salary and £1.2 million bonus, was 8.6% lower than in 2011. Olver’s payout was 5.8% lower than the year before.

BAE has signalled that Olver will step down at next year’s annual shareholder meeting at the latest in the wake of the collapsed merger attempt, but he could leave earlier.

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