BAE Systems gives chief executive £2m pay rise to stop him leaving

BAE Systems has handed its chief executive a £2m pay rise in order to prevent a rival company from poaching him, it has emerged.

"Based on close examination of both the defence industry and FTSE-50 median reward levels, it had become increasingly clear that Woodburn's current remuneration no longer reflected his value to the company or standing in the market,” the company said in its annual report. Investors said that BAE's board, chaired by Sir Roger Carr, believed that the loss of Woodburn would risk destabilising the company as both its finance chief and the president of its US operations had both been recruited in the previous 12 months.

As the company's work includes a number of sensitive government defence contracts, BAE's chief executive must hold the highest level of security clearance.

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