Vodafone paid Sarin 500,000 pounds for relocating to US

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Posted: Wednesday, Jun 03, 2009 at 2001 hrs IST
Updated: Wednesday, Jun 03, 2009 at 2001 hrs IST

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London: British telecom major Vodafone's former chief executive Arun Sarin received 500,000 pounds (Rs 3.87 crore) to relocate to the US following his departure from the company.

According to the group's annual report, for the year ended March 2009, Sarin received a remuneration of 1.42 million pounds (Rs 10.99 crore), which includes basis salary, cash incentives and other benefits.

The company stated that the benefits and other category in the renumeration “includes 500,000 pounds in respect of relocation for Arun Sarin.” In the FY 2009, Sarin collected 436,000 pounds in basic salary, 434,000 pounds in incentive schemes, 553,000 pounds in other benefits and awards, including the relocation fee of 500,000 pounds in 2009, the data available in the company's annual report shows.

Overall, Sarin's pay package stood at 8.1 million pounds in the year to March 31. It included 6.1 million pounds in shares and dividend of 564,000 pounds.

The company stated that Sarin had an contractual entitlement to 500,000 pounds in connection with his relocation to the US.

In the previous financial year 2008, Sarin had received 3.59 million pounds as remuneration from Vodafone.

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