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Pearson gives Marjorie Scardino a painting worth up to £100,000 Pearson gives Marjorie Scardino a painting worth up to £100,000
(6 months later)
Pearson has given Dame Majorie Scardino a painting worth as much as £100,000 to mark her retirement from the publisher of the Financial Times, along with more than £6m she received in remuneration in her final year as chief executive.Pearson has given Dame Majorie Scardino a painting worth as much as £100,000 to mark her retirement from the publisher of the Financial Times, along with more than £6m she received in remuneration in her final year as chief executive.
The painting, of lilies, by Ivon Hitchens, was originally bought by the company for £12,000 but is now valued at between £50,000 and £100,000.The painting, of lilies, by Ivon Hitchens, was originally bought by the company for £12,000 but is now valued at between £50,000 and £100,000.
Hitchens, who died in 1979 at the age of 86, became part of a circle of artists known as the London Group.Hitchens, who died in 1979 at the age of 86, became part of a circle of artists known as the London Group.
After his house was bombed in 1940 he moved to a "patch of woodland" in West Sussex where he lived for 40 years, at first in a caravan, according to the Tate website.After his house was bombed in 1940 he moved to a "patch of woodland" in West Sussex where he lived for 40 years, at first in a caravan, according to the Tate website.
"He was an isolated figure but his art was never eccentric," the gallery says. "He painted mostly outdoors, however, and his technique developed from a tonal treatment that recalled the informality of Constable's sketches"."He was an isolated figure but his art was never eccentric," the gallery says. "He painted mostly outdoors, however, and his technique developed from a tonal treatment that recalled the informality of Constable's sketches".
Pearson appears to have acquired the painting nine years after his death, at an auction on 14 June 1988 that describes it as "signed, inscribed" by Hitchens personally, although this has not been confirmed by the company.Pearson appears to have acquired the painting nine years after his death, at an auction on 14 June 1988 that describes it as "signed, inscribed" by Hitchens personally, although this has not been confirmed by the company.
Pearson's gift of Hitchens' work, which has hung on the wall of Scardino's 9th floor office on the Strand for most of the 15 years she ran Pearson, caps a final year in charge in which she received more than £6m.Pearson's gift of Hitchens' work, which has hung on the wall of Scardino's 9th floor office on the Strand for most of the 15 years she ran Pearson, caps a final year in charge in which she received more than £6m.
Scardino received £6.35m in pay, bonus, retirement benefits and long term awards in 2012, 28% less than the £8.88m she received in 2011, according to Pearson's annual report published on Thursday.Scardino received £6.35m in pay, bonus, retirement benefits and long term awards in 2012, 28% less than the £8.88m she received in 2011, according to Pearson's annual report published on Thursday.
Her basic pay remained unchanged at £993,000 but cash bonus dropped significantly year-on-year, from £1.35m in 2011 to £432,000 last year.Her basic pay remained unchanged at £993,000 but cash bonus dropped significantly year-on-year, from £1.35m in 2011 to £432,000 last year.
Under the terms of her contract the maximum cash bonus Scardino is eligible to receive is 180% of her salary.Under the terms of her contract the maximum cash bonus Scardino is eligible to receive is 180% of her salary.
Similarly, her long term incentive award declined from £5.7m in 2011 to £4.01m last year.Similarly, her long term incentive award declined from £5.7m in 2011 to £4.01m last year.
David Arculus, chairman of Pearson's remuneration committee, said: "Annual incentives paid to executives for 2012 performance were significantly lower than for 2011, reflecting performance in a tough business environment and more challenging incentive targets."David Arculus, chairman of Pearson's remuneration committee, said: "Annual incentives paid to executives for 2012 performance were significantly lower than for 2011, reflecting performance in a tough business environment and more challenging incentive targets."
Scardino also holds 1,925,435 shares in Pearson in a personal capacity, worth almost £24m according to the company's financial report.Scardino also holds 1,925,435 shares in Pearson in a personal capacity, worth almost £24m according to the company's financial report.
Outside of her work at Pearson she is also paid for non-executive roles at Nokia, where she receives €150,000, and the MacArthur Foundation, where she received a further £140,000 last year.Outside of her work at Pearson she is also paid for non-executive roles at Nokia, where she receives €150,000, and the MacArthur Foundation, where she received a further £140,000 last year.
Rona Fairhead, the chairman and chief executive of the Financial Times Group, has received a £1.15m pay out after announcing in November that she is to leave the company.Rona Fairhead, the chairman and chief executive of the Financial Times Group, has received a £1.15m pay out after announcing in November that she is to leave the company.
Fairhead announced her departure less than two months after missing out to replace Scardino.Fairhead announced her departure less than two months after missing out to replace Scardino.
"The [remuneration] committee and the board determined that her leaving employment was a consequence of the planned incorporation of the professional education division overseen by Rona into other parts of Pearson's education business, coupled with the smaller size of the Financial Times Group owing to recent major divestments," the company said."The [remuneration] committee and the board determined that her leaving employment was a consequence of the planned incorporation of the professional education division overseen by Rona into other parts of Pearson's education business, coupled with the smaller size of the Financial Times Group owing to recent major divestments," the company said.
Separately Fairhead received £2.12m in 2012 in pay, cash bonus and long term awards.Separately Fairhead received £2.12m in 2012 in pay, cash bonus and long term awards.
John Fallon, the head of Pearson's international education business took over as chief executive on 1 January.John Fallon, the head of Pearson's international education business took over as chief executive on 1 January.
Arculus said that the Pearson has moved to tighten restrictions on the level of pay outs for anymore top executives that might depart.Arculus said that the Pearson has moved to tighten restrictions on the level of pay outs for anymore top executives that might depart.
"We reviewed and amended the service agreements for those executive directors, including the chief executive, who will continue to serve throughout 2013," he said. "The consequence of this review has been to remove any entitlement to annual incentive from the calculation of any compensation that might be payable on termination of employment by the company without notice or cause.""We reviewed and amended the service agreements for those executive directors, including the chief executive, who will continue to serve throughout 2013," he said. "The consequence of this review has been to remove any entitlement to annual incentive from the calculation of any compensation that might be payable on termination of employment by the company without notice or cause."
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