Punch International, an industrial holding enterprise head-quartered in Belgium, has been cutting back on expenses and staff since early this year. Yet former CEO Guido Dumarey managed to receive a pay rise to one million euro.
As the company is in financial trouble, a capital increase of EUR 20 million (executed this month) is its final attempt to endure the crisis. In spite of this unsteady situation, Dumarey was granted a salary of EUR 1 million a year by Punch’s remuneration committee on April 23rd. The prospectus does not give a motivation for this odd decision.
Dumarey handed in his notice in June, to take responsibility for the bad investments Punch has made. Current CEO Wim Deblauwe has to survive with ‘merely’ EUR 156.420 a year.
De Morgen
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