Tech firm boss to receive annual salary of just 79p

Support us and go ad-free

The new boss of a FTSE 250 tech firm has waived his salary and bonus indefinitely, to instead be paid just one US dollar (79p) for his work this year.

Ondrej Vlcek, who was appointed as the new chief executive officer of Avast on Monday, has decided against a bumper pay packet, instead proposing that his director’s fee is donated to charity.

The cybersecurity firm’s board announced on Tuesday that it has approved the move by Mr Vlcek.

Mr Vlcek took the reins of the firm more than a year after its £2.4 billion entrance on to the London stock exchange.

Despite shunning his pay and bonus, the boss will still earn money through the company’s long-term incentive plan.

Read on...

Support us and go ad-free

Mr Vlcek, who also owns a 2% stake in the business, earned around £2 million through the company’s long-term incentive programme last year.

The chief has decided to donate his 100,000 US dollar (£79,000) annual director’s fee to UK-based charity Demelza Hospice for Children.

Mr Vlcek started at the Prague-based business in 1995 as a developer and was part of the team which took the company public.

The company has previously been recognised for its “freemium” business model, where it gives away its basic security products for free.

Ulf Claesson, chairman of the company’s remuneration committee, said: “The board has reviewed and accepted Mr Vlcek’s proposal to waive his annual salary and annual bonus, and is satisfied that he continues to be appropriately incentivised through existing long-term equity-based incentive arrangements and through his 2% shareholding in Avast.

“We respect and commend his decision, which is a testament to his belief in Avast’s long-term value creation potential.”

Support us and go ad-free

We need your help to keep speaking the truth

Every story that you have come to us with; each injustice you have asked us to investigate; every campaign we have fought; each of your unheard voices we amplified; we do this for you. We are making a difference on your behalf.

Our fight is your fight. You’ve supported our collective struggle every time you gave us a like; and every time you shared our work across social media. Now we need you to support us with a monthly donation.

We have published nearly 2,000 articles and over 50 films in 2021. And we want to do this and more in 2022 but we don’t have enough money to go on at this pace. So, if you value our work and want us to continue then please join us and be part of The Canary family.

In return, you get:

* Advert free reading experience
* Quarterly group video call with the Editor-in-Chief
* Behind the scenes monthly e-newsletter
* 20% discount in our shop

Almost all of our spending goes to the people who make The Canary’s content. So your contribution directly supports our writers and enables us to continue to do what we do: speaking truth, powered by you. We have weathered many attempts to shut us down and silence our vital opposition to an increasingly fascist government and right-wing mainstream media.

With your help we can continue:

* Holding political and state power to account
* Advocating for the people the system marginalises
* Being a media outlet that upholds the highest standards
* Campaigning on the issues others won’t
* Putting your lives central to everything we do

We are a drop of truth in an ocean of deceit. But we can’t do this without your support. So please, can you help us continue the fight?

The Canary Support us