Bahamas Petroleum Company boss takes a £1.5m pay cut to save cash for shareholders

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Bahamas Petroleum Company boss takes a £1.5m pay cut to save cash for shareholders

City & Finance Reporter for the Daily Mail

Simon Potter, chief executive of the Bahamas Petroleum Company, is slashing his salary from £773,000 to £270,000.

Simon Potter, chief executive of the Bahamas Petroleum Company, is slashing his salary from £773,000 to £270,000.

Simon Potter, chief executive of the Bahamas Petroleum Company, is slashing his salary from £773,000 to £270,000.

An oil boss has taken a 65 per cent pay cut to save cash for shareholders.

Simon Potter, chief executive of the Bahamas Petroleum Company, is slashing his salary from £773,000 to £270,000.

The 60-year-old father-of-four is also writing off around £773,000 worth of deferred-cash entitlements, £154,000 of pension contributions, and forgoing his entitlement to future pension contributions.

He keeps hold of all existing share entitlements, worth about £3.5million.

The AIM-listed company has five potentially lucrative licences to explore offshore around the Bahamas and is trying to strike a deal with international explorers.

Former BP executive Potter was hired during the oil boom in October 2011 on £773,000.

However, when oil prices crashed to below $40 a barrel in 2016, he asked for 90 per cent of his salary to be deferred to shares and cash.

Non-executive chairman Bill Schrader said: ‘We consider the changes outlined to the chief executive’s contractual arrangements to be in the best interests of shareholders.’

 

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