Former Diageo boss Paul Walsh is to pick up £80,000 a year in a new five-year role as a specialist Scotch whisky consultant to the global drinks giant.
The firm has revealed the new posting as it circulated its annual report to shareholders ahead of October’s annual meeting.
Mr Walsh, credited with turning Diageo into a major force in the international drinks industry during his 13-year tenure as chief executive, stood down early last month and will remain on the payroll as an adviser to his replacement, Ivan Menezes, until next July.
He will continue to collect a salary and benefits package which amounted to £14.8 million during the year to July, plus pension and bonuses, but will not receive a lump sum to mark the end of his contract.
His new job is then set to run until summer 2019.
Mr Menezes, who, as chief operating officer, received a remuneration package totalling £7.87m last year, began his new role on a basic starting salary of £1m per annum an 8.6% increase on his previous top-line pay deal.
He will also retain existing rights under annual incentive, performance share, and senior executive share options plans, and the company’s executive pension plan.
