Eutelsat’s Berretta tops French ‘rich list’

No wonder he's smiling. French financial newspaper L’Expansion printed its list of top 2008 earners on April 24. In terms of leading French companies, the newspaper says Eutelsat’s CEO Giuliano Berretta took top place, earning an impressive €21m when salary, stock options and other benefits are included.

L’Expansion looked at 42 top earners and calculated their average earnings last year to be some €4.7m, down 15% on 2007’s numbers. However, the companies’ profits were down about 22% on average last year, while the stock market has tumbled some 43%.

Out of Mr Berretta’s total package of €21m, some €18.59m were in the form of stock options.

In fairness to Mr Berretta, his remuneration package last year was dramatically below this sum. This year’s numbers include accumulated stock options, which in themselves are performance related so the numbers quoted by the newspaper do not – as yet - represent a cash value to Mr Berretta.

The €4.7m average is equal to 19-years’ worth of salary to the President of the French Republic (currently Mr Sarkozy).