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☆ Unilever to freeze new CEO's fixed pay for two years
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +1 min

The company logo for Unilever is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., February 17, 2017. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsSummaryCompanies Shareholders rejected resolution to adopt directors' pay in MayCEO's fixed pay level to be reviewed in 2026Oct 30 (Reuters) - Consumer goods company Unilever (ULVR.L) said on Monday its board had decided to freeze CEO Hein Schumacher's fixed pay for the next two years, after his initial pay package was rejected by shareholders in May. The pay deal for Unilever’s directors, including Schumacher, was rejected at its annual general meeting with a near 60% majority. Schumacher, who took up the role in July, will not be eligible for a fixed pay increase in 2024 and 2025. The compensation committee will review his fixed pay level in 2026.

Persons: Brendan McDermid, Hein Schumacher's, Schumacher, Nelson Peltz, Alan Jope’s, Anchal Rana, Devika Syamnath, Arun Koyyur Organizations: Unilever, New York Stock Exchange, REUTERS, Consumer, Thomson Locations: New York, U.S, Bengaluru

"Anecdotally from technicians we are seeing a significant increase in interest (in the UK)," a spokesperson for Rentokil said in an emailed statement to Reuters. Rentokil Pest Control in the UK tracked a 65% increase year-on-year in recorded bedbug activity in the second quarter of 2023, versus last year. "This is when a pest technician had confirmed the activity," the spokesperson said. An activity is when a technician has been on a customer site and confirmed the presence of bedbugs. Reporting by Anchal Rana and Yadarisa Shabong in Bengaluru; editing by David EvansOur Standards: The Thomson Reuters Trust Principles.

Persons: Stephanie Lecocq, London Sadiq Khan, PoliticsJOE, Rentokil, Anchal Rana, Yadarisa, David Evans Organizations: Hygiene, REUTERS, Paris Olympics, bedbugs, Transport, Reuters, Thomson Locations: bedbugs, L'Hay, Paris, France, French, London, Rentokil Pest, Bengaluru

☆ IQE expects semiconductor sector recovery to lag estimates; swings to loss
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +1 min

Sept 12 (Reuters) - British chip components maker IQE (IQE.L) on Tuesday said the recovery in the semiconductor industry would likely be slower-than-anticipated this year but it would improve in 2024 as customer demand picks up. IQE, which makes "epi-wafers", a type of advanced material used in products from laser hair removal to facial recognition sensors in iPhones, swung to a loss in the first-half hurt by lower sales and a supply glut. The company's posted a core loss of 5.7 million pounds ($7.13 million) for the six months ended June 30, compared with a core profit of 12.3 million pounds last year. Still, the Apple (AAPL.O) supplier said it expected core earnings to be profitable for 2023, adding that it saw double-digit revenue growth in the second half of 2023, compared to the first half. ($1 = 0.7998 pounds)Reporting by Anchal Rana and Chandini Monnappa in Bengaluru; Editing by Sonia Cheema and Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Anchal Rana, Chandini, Sonia Cheema Organizations: Apple, Thomson Locations: Bengaluru

☆ UK's car output continues growth streak for six months in July- SMMT
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +1 min

Aug 31 (Reuters) - Britain's car production rose for the sixth consecutive month in July as automakers continued to recover from global chip shortages, an industry body said on Thursday. "Six months of growth shows that British car production is recovering and, with electrified models increasingly driving volumes, the future is more positive," said SMMT Chief Executive Mike Hawes. The total number of cars produced, however, remained 29.4% lower from the pre-pandemic levels seen in July 2019. The UK's car industry, a significant driver of manufacturing and exports, got a boost last month when India's Tata Motors (TAMO.NS) committed to build a major EV battery plant in Britain to supply its Jaguar Land Rover factories. SMMT had said in July it could take five more years for Britain to return to producing 1 million or more cars a year.

Persons: Mike Hawes, India's Tata, Hawes, SMMT, Anchal Rana, Shilpi Majumdar Organizations: Society of Motor Manufacturers, Traders, India's Tata Motors, EV, Rover, Thomson Locations: Britain, Bengaluru

☆ IQE's annual revenue falls 2% on weak orders
▼ + stars: | 2023-05-17 | by ( ) www.reuters.com time to read: +1 min

May 17 (Reuters) - British chip components maker IQE Plc (IQE.L) reported a 2% drop in its annual revenue on Wednesday, hit by reduced orders amid weak demand for consumer electronics. Revenue on a constant currency basis fell to 151.2 million pounds ($190.83 million) for the full-year ended December 2022, from 154.1 million pounds a year earlier. The Cardiff-based company reported a wider operating loss of 73 million pounds, driven by non-cash impairment of goodwill of 62.7 million pounds relating to its wireless operating segment. London-listed IQE said current trading was impacted by temporary semiconductor industry setbacks entailing subdued customer forecasts, orders and related revenue. It expects revenue for the half year ending June 30 to be between 50 million pounds and 56 million pounds.

☆ Cineworld lenders looking to oust CEO in management shake-up - FT
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +1 min

March 31 (Reuters) - The ex-CFO of Regal Cinemas is the leading candidate to replace Cineworld Group Plc (CINE.L) CEO Mooky Greidinger as lenders of the ailing cinema chain plot a management shake-up following bankruptcy proceedings, the Financial Times reported on Friday. A potential management reshuffle would probably mean Greidinger, Cineworld's CEO since 2014, would be forced to relinquish control of his third-generation family business, the report said, citing several people close to the company's top management. David Ownby was Regal's CFO for nine years until 2018 when the company was bought by Cineworld. He has been serving as an adviser to Cineworld's highest priority creditors, which are steering the bankruptcy process, the report said. Reporting by Aby Jose Koilparambil and Anchal Rana in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ Provident Financial CEO Le May to step down
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: 1 min

Jan 26 (Reuters) - British subprime lender Provident Financial (PFG.L) said on Thursday Malcolm Le May would step down as its chief executive officer and Bank of Ireland UK chief Ian McLaughlin would take the helm. The London-listed company, which also plans to change its name to Vanquis Banking Group, said McLaughlin would replace Le May as CEO in the summer. Reporting by Anchal Rana in Bengaluru; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

SummarySummary Companies Crystal Amber proposes removal of chairman, CEO and CFOProposes appointment of two new directorsShares up 5%Dec 23 (Reuters) - Hurricane Energy's (HUR.L) largest shareholder Crystal Amber Fund (CRSL.L) is calling for the removal of top management at the British company and the appointment of two directors from another firm that the fund says could invest in Hurricane. Activist investor Crystal Amber, which holds 28.9% in the North Sea oil and gas producer, said on Friday it had issued a requisition notice for a shareholder meeting, seeking to remove Hurricane Chairman Philip Wolfe, CEO Antony Maris, and finance chief Richard Chaffe. If the two are appointed, Crystal Amber said it would be supportive of bringing on Albion as an investor in Hurricane to raise funds for the company to spend on drilling programmes. Hurricane said it was reviewing the requisition notice from Crystal Amber and that all participants in its sale process had been requested to submit their bids by Jan. 7. "The Fund has concluded that in the continuing absence of a firm offer that reflects the value of Hurricane, it would be better served under new management," Crystal Amber said in a statement.

☆ British Airways, pilots' union agree pay deal - FT
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +1 min

Oct 18 (Reuters) - British Airways is set to avoid a pilots' strike after the airline reached an agreement on the outline of a pay deal with the union, the Financial Times reported on Tuesday. The IAG (ICAG.L)-owned carrier's agreement with the British Airline Pilots' Association (BALPA) includes a 4% pay rise for this year. "We are pleased to have agreed a pay proposal in principle with BALPA, which will now be put to members with a recommendation from the union," British Airways said in a statement. The carrier had in July agreed to pay deals with the GMB and Unite unions read moreBALPA did not immediately respond to a Reuters request for comment. Register now for FREE unlimited access to Reuters.com RegisterReporting by Muhammed Husain and Anchal Rana in Bengaluru; Editing by Krishna Chandra Eluri and Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

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