Jewelry Boss Under Fire over $14m Pay Packet
December 13, 22
(IDEX Online) - The newly-appointed CEO of Australian fashion jewelry business Lovisa is under fire over his US$14.2m annual earnings.
Victor Herrero, 51, has been revealed as one of the country's highest-paid bosses, at a time when his company is facing a class action for allegedly underpaying staff by up to US$21.7m.
A salary survey by The Australian Financial Review (AFR) put Herrero way ahead of bank bosses on US$3.4m to US$4.7m and the CEO of Qantas, on US$3.8m.
His pay packet is part of a three-year US$46m deal, says AFR. Lovisa is accused of under-paying over 50 current and former managers over a six-year period.
Mr Herrero was chairman and CEO of shoe manufacturer and retailer Clarks before joining Lovisa.
AFR said Mr Herrero and the Lovisa had declined to comment.
Pic courtesy Lovisa