Solvay proposes to shareholders to pay CEO Ilham Kadri a bonus of 12 million euros. The chemical company wants to reward her for her work in splitting up the company and keep her on board.
Solvay will convene shareholders on December 8 to approve the split into Solvay and Syensqo. One of the agenda items is an exceptional bonus for the CEO of 12 million euros, writes The tideand is evident from the documents for the extraordinary general meeting.
“The Solvay Board of Directors has unanimously decided to award Ilham Kadri a bonus of EUR 12 million gross, upon the recommendation of the Remuneration Committee,” explains Nicolas Boël, Chairman of Solvay’s Board of Directors.
The bonus is ‘recognition for her exceptional efforts in the context of the completion of the partial demerger project’, according to the shareholder documents.
‘Kadri was essential’
The board of directors would like to ‘pay tribute’ to Kadri ‘for the years of exceptional performance at the head of the group’ in volatile times of high inflation, geopolitical tensions and macroeconomic uncertainties. Solvay refers to ‘disciplined cost and cash management’ and the reduction of debt. Kadri thus paved the way for a ‘fundamental transformation operation’ that laid the foundation for the break-up of the 160-year-old chemical giant.
“Ilham Kadri had other options,” Solvay added in a response. ‘The board of directors believed that its presence was one of the essential elements for the successful completion of the “PO2 project” (splitting, ed.) and for the leadership of the new Syensqo.’
The split should be completed next month. If the shareholders approve everything on December 8, Syensqo will be introduced on the Brussels stock exchange three days later. Kadri will lead Syensqo, while Philippe Kehren will become CEO of Solvay.
The new Solvay will combine activities around essential chemicals, such as soda and peroxide. The activities surrounding specialized materials and consumer goods will end up in Syensqo. This concerns, for example, light materials for cars or aircraft.