Enrique Lores has established himself as one of the highest paid Spanish executives in the world. The president and CEO of the multinational HP achieved in 2022 a total remuneration of 21.1 million dollars (about 20 million euros at current exchange rates), according to the documentation of the company’s next shareholders’ meeting. That figure is up from $20.7 million a year earlier, even though the company’s profit was cut in half and the company implemented a headcount cut of 4,000 to 6,000 employees.
Lores’ compensation breaks down to $1.25 million fixed salary; 12.84 million remuneration in shares; 5.34 million in options; $1.45 million in incentive cash and nearly $200,000 in other compensation. This latest package includes $22,000 in security services and $120,000 for personal use of the Palo Alto, California-based company’s plane.
The printer giant did not reach the revenue, operating result and free cash flow generation targets set in the incentive plan last year. Lores’ personal evaluation, however, exceeded targets in non-financial aspects. The remuneration committee valued the purchase of Poly, specialized in teleworking solutions, the income from growth businesses, the Future Ready productivity plan (which includes cutting up to 6,000 jobs), the diversity of the workforce and the improvement of inclusion, among other factors.
The executive also admits that the company has “navigated in a volatile and complex macroeconomic environment”, but describes the results of 2022, closed on October 31, as “solid”, with a slight drop in revenue, up to 63,000 million dollars, “in a difficult market environment that worsened in the second half of the year.” The benefit was cut in half, but in this case due to the extraordinary ones in 2021.
The highest paid managers
The salary of Enrique Lores, 57, is higher than that of any of the presidents and CEOs of the Ibex 35 in 2021, the last year for which the figures for all companies are published. That year, the highest salary corresponded to Ignacio Sánchez Galán, president of Iberdrola, with 13.21 million euros, followed by Pablo Isla (12.44 million) at Inditex and Ana Botín (12.29 million) at Banco Santander .
Not all the salaries of the presidents of the Ibex companies in 2022 have yet been published. For now, with the data already known, the highest salaries correspond to Galán (13.06 million); Carlos Torres, president of BBVA (7.58 million); José María Álvarez-Pallete, president of Telefónica (6.79 million); Manuel Manrique, president of Sacyr (6.62 million); Onur Genç, CEO of BBVA (6.61 million), and Francisco Reynés, Chairman of Naturgy (5.85 million). Predictably, the highest paid manager of the Ibex in 2022 was the former president of Inditex, Pablo Isla, thanks to the settlement of some 27 million euros for various concepts that he received with his departure.
In the United States, along with Enrique Lores, the other Spanish executive who is in charge of a large multinational is Ramón Laguarta, president and CEO of Pepsico, who accumulates a salary of 64 million dollars in the last three years of which there are data. In 2021 he earned $25.5 million. Pepsico has not yet published the salaries for 2022. Another of the highest paid Spanish executives in the United States is the commercial director of Coca-Cola, Manuel Arroyo. In 2021, the latest figures available, the total remuneration of the Spanish manager was about 7.5 million dollars. Figures for 2022 have not been released, but he recently received a stock award of just over $8 million.
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