BAE boss scoops £10.7m payday: Shares of UK’s biggest defense firm soar after Russia invades Ukraine
The boss of Britain’s biggest defense firm recouped £10.7million last year after Russia’s invasion of Ukraine sent his share price soaring.
Charles Woodburn, who has been chief executive of BAE Systems since 2017, has received more than £9m in bonuses on top of his £1.1m annual salary.
It was a jump of £3.6m from his £7.1m salary a year earlier.
Demand: BAE, which builds the Eurofighter Typhoon fighter jet as well as nuclear submarines (pictured), has also seen demand rise due to tensions between the US and China.
BAE shares are up about 80% since the start of last year as the war in Ukraine boosted defense spending.
The FTSE 100 giant, which builds the Eurofighter Typhoon fighter jet as well as nuclear submarines and munitions, has also seen demand rise due to growing tensions between the United States and China.
It won major contracts last year, including a £4.2billion deal to supply the Royal Navy with five Type 26 frigates.
Aerospace analyst Francis Tusa said the company did “very well” last year and he expects we’ll start to see the full effect of the war in Ukraine in next year’s results – creating potentially another bumper payday for Woodburn.
Tusa added: “BAE has done well in the US due to growing US fears that China will go back to 2020.
In the UK, they got the second batch of Type 26 frigates and were particularly successful in export.
BAE, which is now valued at £30bn, took a record £37.1bn in orders last year, taking its order book to £58.9bn.
At the time, BAE said: “While it is tragic that it took a war in Europe to raise awareness of the importance of defence, BAE is well placed to help national governments keep their communities safe. citizens in a high threat environment.”
Spoils of war: BAE boss Charles Woodburn has received over £9m in bonuses on top of his £1.1m annual salary
Woodburn’s £10.7m price tag means he has received a total of £31.3m since taking over as manager of the defensive giant.
Although the payout comes after a year of strong shareholder returns, it will likely spark a backlash at the company’s annual meeting.
Two years ago nearly a quarter of BAE shareholders rebelled against a £2million bonus for Woodburn to stop him leaving the company for mining giant Rio Tinto.
Woodburn is not the only one to see his salary soar.
BP’s annual report recently showed that its boss, Bernard Looney, was paid £10million last year, more than double the previous year.
GSK chief executive Dame Emma Walmsley also pocketed £8.5m, up from £8.3m a year earlier.
And Shell paid its former boss Ben van Beurden £9.7million in his final year at the helm of the oil and gas giant.
The ongoing wage windfall in UK boardrooms will raise eyebrows at a time when families across the country are struggling to make ends meet as food and energy bills soar and inflation has topped 10% .