The executive president of TAP is entitled to a bonus at the end of the contract, if she meets the objectives of the restructuring plan and according to Correio da Manhã, the sum could reach two million euros.
The extraordinary compensation provided for in Christine Ourmières-Widener's five-year contract amounts to around 80% of gross annual salary, according to the daily. According to TAP's corporate governance report, the company's CEO receives 504 thousand euros per year, so the bonus to be received after the end of the restructuring plan could be around two million euros.
Christine Ourmières-Widener was asked two weeks ago at a parliamentary hearing about the bonus she will be entitled to, not revealing the amount. “I have a bonus if the restructuring plan is fulfilled, fully fulfilled. We are talking about a horizon of 2025, it is the structure of my contract, but there is still a long way to go”, said the CEO to the deputies.
For now, everything is heading for the executive president to receive the bonus. In a message to workers on January 17, on the eve of the hearing in the Assembly of the Republic, Christine Ourmières-Widener wrote “last year TAP had one of the highest revenues in its history, after, in the third quarter of the year, it had already registered its best quarterly result ever”, anticipating the goals of the restructuring plan by several years, which ends at the end of 2025. The CEO's contract runs until June 2026.
The airline ended the first nine months of 2022 with a loss of 91 million euros, but managed a profit of 111 million euros between July and September, and should achieve a positive result for the year as a whole with the improvement in accounts in the last quarter. Revenues totalled 2.44 billion until September.