Dia supermarket chain today held an extraordinary shareholders meeting (the first after the last changes in the board of directors) in which they were to vote on the measures that the new management team will undertake to straighten the company's direction, as well as your remuneration policy.
With respect to the latter, the shareholders have approved "with a sufficient majority" the increase in the salary of the current CEO: Karl-Heinz Holland, which will charge a fixed remuneration of three million euros per year. It will be your salary until at least December 31, 2022.
This is 400% more than what his predecessor, Borja de la Cierva, as well as Ricardo Currás, led the chain until 2017, for his work . Currás (the accounts corresponding to his stage as manager are being investigated by the Prosecutor's Office) earned 600,000 euros.
The work in Dia that Holland has before it is capitalized: the chain entered losses in 2018 and has saved the contest of creditors by the hairs, after the Russian tycoon Mikhail Fridman launched an opa on Dia (now has 70% of capital, through its specialized retail trade fund, Letterone) and will reach an agreement with the bank to extend the payment of the debt.
The new CEO will not receive a variable remuneration (annual bonus) in the short term, but will be part of an incentive system that Dia wants to implement for the period 2020-2022 and will be launched later this year. In addition, the chain will pay for the house here, medical insurance and company car.
Council Ratification
The new remuneration policy includes a basic annual compensation of 250,000 euros for the chairman of the board of directors , 200,000 euros for the vice president and 100,000 for members of the governing body.
Shareholders have ratified and re-elected Stephan DuCharme, Michael Casey and Sergio Ferreira as proprietary directors; Karl-Heinz Holland as executive director and Christian Couvreux and José Wahnon Levy as independent directors. The board of directors now consists of eight people and the vacancy that Borja de la Cierva left when he resigned in May remains.
The capital increase promised by Fridman (vital for the company to have liquidity) will be approved from October. At the end of May, Letterone reached an agreement with the creditor banks (including BBVA and Banco Santander) for debt restructuring, which included several measures such as a new loan of 380 million euros to inject liquidity into the company .
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