DTZ was rather hoping for a quiet annual general meeting next Thursday at 125, Old Broad Street, their City HQ. But the Telegraph this morning reports that shareholder activist group PIRC is demanding the CEO Paul (or David as they prefer to call him) Idzik take a pay cut. As the property world knows the un-quiet American has already reduced his base salary from £400 000 to £300 000 a year.
The firm now feels like it is stabilising under Idzik's firm grip. There are even whispers of making a few big hires once outside talent is convinced DTZ is going up rather than under. Idzik will make it clear next week that the latter is the case.
PIRC can be safely ignored. More than half the stock is now in the hands of the French Mathy family who have taken so much pain, they are hardly likely complain further. What will be interesting is to see if long-time chairman Tim Melville Ross, who presided over the previous disastrous regime, announces his retirement at the AGM.
Meanwhile Idzik scarcely has to worry about his pay chit. In May he spent £1m buying DTZ shares at 27p. Yesterday they stood at 96p. The City can spot the signs of a man doing a good, if brutal, job in a basically sound firm that still employs some very good people. A pity PIRC can't see same.
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