Top Mowi executives make £1.9m on share options
Salmon farmer Mowi’s top executives have cashed in on a scheme that allows them to buy shares at a pre-set price and sell them on at market value.
Chief executive Ivan Vindheim, Scotland, Ireland and Faroes chief operating officer Ben Hadfield, Americas chief operating officer Fernando Villarroel and sales and marketing chief Ola Brattvoll all bought shares at NOK 136.51 per share and sold them for NOK 233.83 per share. In total, the executives benefited by around NOK 23 million (£1.9m) between them.
- Vindheim bought and sold 76,012 shares, making a profit before costs of almost NOK 7.4 million.
- Hadfield bought and sold 64,580 shares, making a profit before costs of nearly NOK 6.3m.
- Villarroel bought and sold 42,091 shares, making a profit before costs of just under NOK 4.1m.
- Brattvoll bought and sold 53,967 shares, making a profit before costs of slightly over NOK 5.25m.
The senior executive share option scheme forms an important part of Mowi’s long-term remuneration policy for senior executives, the company said in a press release.
Mowi held no shares of its own, and therefore had to buy 764,101 shares at the market price of NOK 233.83 each – a total cost of almost NOK 178.7m (£14.9m) – to meet its commitments to the executives.