Jewelry Boss Under Fire over $14m Pay Packet

By John Jeffay / December 13, 2022 / / Article Link

(IDEX Online) - The newly-appointed CEO of Australian fashion jewelry business Lovisa is under fire over his US$14.2m annual earnings.Victor Herrero, 51, has been revealed as one of the country's highest-paid bosses, at a time when his company is facing a class action for allegedly underpaying staff by up to US$21.7m.A salary survey by The Australian Financial Review (AFR) put Herrero way ahead of bank bosses on US$3.4m to US$4.7m and the CEO of Qantas, on US$3.8m.His pay packet is part of a three-year US$46m deal, says AFR.  Lovisa is accused of under-paying over 50 current and former managers over a six-year period.Mr Herrero was chairman and CEO of shoe manufacturer and retailer Clarks before joining Lovisa.AFR said Mr Herrero and the Lovisa had declined to comment.Pic courtesy Lovisa

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