Boss of British Airways’ guardian firm lands £20,000 month-to-month allowance to assist pay for his two properties in Spain and the UK
The boss of British Airways’ guardian firm has landed a £20,000 month-to-month allowance to assist pay for his two properties in Spain and the UK, The Mail on Sunday can reveal.
Luis Gallego, who was appointed chief govt of Worldwide Airways Group (IAG) in September 2020, has been given a £500,000 pot to finance his residing preparations within the two nations the place IAG has its essential head places of work.
Taking off: Luis Gallego has been given a £500,000 pot to finance his residing preparations within the two nations the place IAG has its essential head places of work
This big-budget allowance is payable to the airways boss for 2 years, throughout which IAG has agreed to shell out over the additional prices related to him splitting time between London and Madrid.
Gallego, from Madrid, and his household moved to the UK previous to his appointment to the highest job again in August 2020, for which he acquired a ‘collection of relocation funds’ from the airways large.
IAG owns Spanish airways Iberia and Vueling, in addition to the UK’s flagship provider British Airways.
The FTSE100 agency’s annual report stated: ‘In 2021, the IAG CEO grew to become eligible for a two-year, fixed-term £250,000 each year transitionary allowance, enabling him to personally keep a base in Madrid given the corporate’s vital operations and enterprise in Spain.’
Since changing Willie Walsh because the CEO of IAG, Gallego has taken two successive pay cuts throughout the pandemic in addition to declining a bonus.
Final yr, he took residence £738,000, whereas this yr he’ll obtain his full wage of £820,000.
Earlier this yr there was disquiet over the £6,550 a month awarded to new Barclays boss CS Venkatakrishnan to cowl his lodging prices when transferring from the US to the UK. Gallego’s package deal dwarfs that, and is more likely to show controversial at a time when IAG has run up large losses.
IAG just lately reported lowered losses of €2.9billion (£2.4billion) for the final monetary yr, however the firm stated it expects to grow to be worthwhile in 2022.