Wizz Air chief executive Jozsef Varadi will be paid a £100m bonus if he can rapidly grow the low-cost airline, according to a report by the Financial Times today.
Varadi will increase Wizz’s share price from £48 to £120 over the next five years to achieve the bonus target to be paid in shares over a four-year period, according to documents sent to shareholders ahead of the company’s annual meeting and seen by the Financial Times.
The FT report also refers to an anonymous source who states that the board was also aware of at least three other job offers Varadi had received, which could partially explain the generous offer.
In the letter to shareholders seen by the FT, chair of Wizz’s remuneration committee Barry Eccleston said the payout was needed to ensure Varadi committed his future to the Hungarian-based airline.