Wizz had it's AGM yesterday and FT ran a article on the CEO's revised bonus schemes. The original scheme was sizeable payment up to £100m based on the share price performance (FT has £120 by 2026 - it's trading at £14 & -35% YTD). The clear underperformance has motivated mgmt to make pay-outs in nearer term given high likelihood above plan targets are not met.
It's a slight credit positive (moving away from the share px based renum that is) - research has shown it leads to higher equity pay-outs and no better summed up by Ryanair's O'Leary; "if you turned round to any investor, as we did with ours, and said ‘the share price is €11, if we double it to €21 would you give me options over €10m,’ then every one of them would do it" - April, 2024. His bonus scheme is tied to earnings hurdle (not met yet) OR the share px trading above €21 for 28-straight days - it briefly crossed that earlier this year but is now back at €17/share. Ryanair recently boosted its buyback by €800m to €1.5b this year.