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New Avast CEO Ondrej Vlcek To Take Salary Of Just USD1, Donate Fees

(Alliance News) - Avast PLC's board has approved new Chief Executive Officer Ondrej Vlcek's ...

Alliance News 2 July, 2019 | 9:02AM
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(Alliance News) - Avast PLC's board has approved new Chief Executive Officer Ondrej Vlcek's decision to waive his salary and bonus indefinitely and receive just USD1 per annum for his role, the company said on Tuesday.

Vlcek, who took over as CEO of the cybersecurity company on Monday, also will donate his USD100,000 board director's fee to UK charity Demelza Hospice for Children. However, he will retain his 2.0% current shareholding in the company.

Ulf Claesson, chair of Avast's remuneration committee, said: "The board has reviewed and accepted Mr Vlcek's proposal to waive his annual salary and annual bonus, and is satisfied that he continues to be appropriately incentivised through existing long term equity-based incentive arrangements and through his 2% shareholding in Avast.

"We respect and commend his decision, which is a testament to his belief in Avast's long-term value creation potential."

Vlcek replaced Vincent Steckler as CEO, previously having been president of the company's consumer business, its largest.

Shares in Avast rose 0.7% at 309.20 pence on Tuesday morning in London.

By Eric Cunha; ericcunha@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Avast PLC 425.20 GBX -0.33 -

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Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

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