SES bosses do well out of C-band deal
April 11, 2022
By Chris Forrester
CEO Steve Collar and seven other senior executives at SES have been awarded attractive bonuses as a result of securing the first $1 billion in FCC incentive payments for clearing C-band frequencies over the US.
The news emerged in the SES Annual Report which was adopted and approved by the SES Annual general Meeting on April 7th.
The recipients of the bonus scheme are members of the SES Senior Leadership Team all of whom receive a base salary plus an annual bonus. The potential bonus is 50 per cent of that base salary other than for Collar who has a 100 per cent potential bonus.
The bonus calculation is made up of two elements: Financial performance (70 per cent of the bonus, and made up of three elements, revenue, EBITDA and cashflow) and the remaining 30 per cent is based on how well the company does in meeting its business objectives and “strategic road map”.
“In 2021, the Group financial performance payout was confirmed at 95.6 per cent based on the weighted results for the three metrics,” SES said in its 2021 annual report.
Collar receives €1.038 million on top of his base salary. The bonus payments take his overall compensation to €2.6 million. The other executives share undisclosed portions of a €2.59 million overall pot of cash.
The payments also suggest that when the larger – near $3 billion – second tranche of FCC cash is received even larger bonus payments are likely.
The executives are:
· CEO, Steve Collar
· Chief Development Officer, Christophe De Hauwer
· Chief Executive Officer of SES Networks, John-Paul Hemingway (Chief Strategy and Product Officer as from 1 January 2022)
· Chief Human Resources Officer, Evie Roos
· Chief Technology Officer, Ruy Pinto
· Chief Services Officer, John Baughn
· Chief Legal Officer, Thai Rubin
· CFO, Sandeep Jalan