Copyright © BusinessAMBE 2023

Ilham Kadri, the top woman of chemical giant Solvay, has the prospect of an exceptional bonus of 12 million euros, De Tijd reports based on documents for the shareholders' meeting. The board of directors wants to reward her for the transformation and upcoming split of the 160-year-old company.

In the news: an exceptional bonus for CEO Ilham Kadri.

  • The bonus of 12 million euros gross is on the agenda of the December 8 extraordinary general meeting and comes at the proposal of Solvay's board of directors, "in recognition of her exceptional commitment in completing the partial demerger project," reads the invitation.
  • The board thus wants to "pay tribute to the years of exceptional performance at the head of Solvay where, in a highly volatile environment characterized by high inflation, major geopolitical tensions and macroeconomic uncertainties, it has maintained disciplined cost and cash management and further reduced balance sheet debt."
  • And still: "This has led to the acceleration of its reinvention and the creation of two separate groups of companies following a fundamental transformation operation, three years ahead of the timetable initially envisioned."

Syensqo

What preceded: French-Moroccan Kadri took the helm of Solvay in March 2019, which a year ago announced the split of the group (22,000 employees in 61 countries) into two companies. That operation must now receive the final green light at the shareholders' meeting.

  • Kadri will head the new listed company Syensqo. That will bundle activities around specialized materials and consumer goods. These include light materials for cars or aircraft.
  • The traditional business around essential chemicals, such as soda and peroxide, will remain with the old Solvay, which will have Philippe Kehren as its new CEO.

(nd)

© The Content Exchange, source News