Whisky boss in £80,000 a year industry role

FORMER Diageo chief executive Paul Walsh is to remain a key figure within the Scotch whisky industry with an £80,000-a-year role funded by the spirits giant.

Picture: Colin Hattersley

Walsh, who next month steps down from the group board after overseeing dramatic growth during his tenure as chief executive, will take on the unspecified role on behalf of Diageo for a period of up to five years.

Diageo, which saw whisky sales rise by 9 per cent last year, said the post would reflect Walsh’s “unique experience” but provided no further details on what it would be. It is understood it will be a role representing the wider industry.

The starting fee of £80,000 a year is expected to rise in line with those of non-executive directors on the board.

The role was revealed in the company’s annual report which also showed that his total pay and shares package in the last financial year earned him £14.8 million, up from £11.2m last year.

Although his basic salary of £1.28m has remained unchanged since 2011 and his annual bonus of £1.25m was less than the £1.8m he picked up last year, Walsh received a further £12.3m in long-term bonuses based on the company’s share price performance.

Over the past three years, Diageo’s share price has risen by 80 per cent, representing a £20 billion increase in its market value.

Although Walsh has stepped down from his post as chief executive, he is staying on with the company until next year.