BAE chief rakes in £10.7m payday as shares rise after Ukraine invasion

The boss of Britain’s biggest defense company took in £10.7million last year after Russia’s invasion of Ukraine boosted its share price.

Charles Woodburn, who has been chief executive of BAE Systems since 2017, received more than £9m in bonuses on top of his £1.1m annual salary.

It was a £3.6m jump from his £7.1m salary package a year earlier.

BAE shares are up around 80 percent since the beginning of last year as the war in Ukraine has boosted defense spending.

The giant FTSE 100, which builds the Eurofighter Typhoon fighter jet as well as nuclear submarines and munitions, also saw increased demand due to rising tensions between the US and China.

It has won important orders over the past year, including a £4.2 billion agreement to provide five Type 26 frigates to the Royal Navy.

Aerospace analyst Francis Tusa said the company performed “very well” last year and he expects we will see the full impact of the war in Ukraine in next year’s results – potentially marking another record payday for Woodburn .

Tusa added, “BAE has done well in the States as the US grows concerned that China is backing down by 2020.

Regarding the UK, they have received the second batch of Type 26 frigates and have done particularly well in exports.’

BAE, which is now valued at £30bn, took on a record £37.1bn in orders last year, taking its backlog to £58.9bn.

At the time, BAE said: “While it is tragic that it took a war in Europe to raise awareness of the importance of defence, BAE is well placed to help national governments serve their citizens in an environment of heightened threats.” protection.”

Woodburn’s £10.7m award means he has received a total of £31.3m since taking the helm of the defense giant.

While the payout comes after a year of significant returns for shareholders, it’s likely to spark a backlash at the company’s annual meeting.

Two years ago, nearly a quarter of BAE shareholders rebelled against a £2million ‘golden handcuffs’ bonus given to Woodburn to prevent him from leaving the company for mining giant Rio Tinto.

Woodburn isn’t the only one seeing his pay rise.

BP’s annual report recently showed its boss Bernard Looney was paid £10million last year – more than double the previous year.

GSK chief executive Dame Emma Walmsley also pocketed £8.5million, up from £8.3million the year before.

And Shell paid his former boss Ben van Beurden £9.7million in his final year at the head of the oil and gas giant.

The ongoing bonanza in Britain’s boardrooms will raise eyebrows at a time when families across the country are struggling to make ends meet amid soaring food and energy bills and inflation topping 10 per cent.