Avast PLC (LON:AVST) CEO, Ondrej Vlcek, has notified the Company’s Board of Directors of his intention to indefinitely waive his annual salary and bonus, and instead receive a nominal annual salary of US$1. He will continue to receive annual equity grants, as part of Avast’s long term incentive plan, calculated as a multiple of his (waived) base salary.
Mr Vlcek has also notified the Board of his intention to donate 100% of his Board director’s fee ($100,000 per annum) to charity. The initial recipient will be a UK based charity, Demelza Hospice for Children. All arrangements are effective from the date of Mr Vlcek’s appointment to the role of CEO on 1 July 2019.
Ulf Claesson, Chairman of the Remuneration Committee said:
“The Board has reviewed and accepted Mr Vlcek’s proposal to waive his annual salary and annual bonus, and is satisfied that he continues to be appropriately incentivised through existing long term equity-based incentive arrangements and through his 2% shareholding in Avast.
We respect and commend his decision, which is a testament to his belief in Avast’s long-term value creation potential.”