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(Corrects bonus amounts in third paragraph.)
(Bloomberg) -- Christopher Kirk, the outgoing chief executive officer of Swiss product-inspection company SGS SA, had his annual compensation cut by 2 percent in 2014 as his bonus was reduced.
Kirk, who will be replaced by Franki Ng as SGS CEO in March, received 2.65 million francs ($2.9 million) in total compensation in 2014, down from 2.71 million francs the year before, according to the Geneva-based company’s annual report, published today.
Leaving the top job after nine years, Kirk’s bonus dropped to 577,000 francs from 600,000 francs, though still reaching the company’s target level. SGS cuts its profit forecast in January and said it could move some operations out of its home-base in Geneva due to the strong franc. A global slowdown in oil, mining and commodities activities forced SGS to consider lowering a three-year revenue forecast.
Fiat Chrysler Automobiles NV CEO and SGS chairman Sergio Marchionne was awarded total compensation of 422,000 francs in 2014, down from 634,000 francs the year before, according to the report. Including Marchionne’s compensation, SGS’s board of directors was awarded 1.94 million francs in total during 2014, down from 2.02 million the year before.
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