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mmO2 bosses in £4m pay day

Awards lavished on the men that oversaw the demerger...

By Julian Goldsmith

Published: 27 November 2001 08:44 GMT

BT mobile spin-off mmO2 has awarded three executive directors share options to the value of £4m.

Chairman David Varney and CEO Peter Erskine will both receive 1.72 million shares.

Finance director David Finch will receive 1.21 million shares.

The company told the Financial Times that the share options were performance related.

The awards will be closely reviewed by shareholders, who have slammed the company's decision to award Varney and Erskine fat cat bonuses on the completion of the demerger.

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