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ARM defeats AGM shareholder revolt over new CFO pay

ARM HOLDINGS, the UK’s largest technology company, has beaten down a shareholder revolt after nearly a third of investors (32%) voted to reject its generous payment to its new CFO.

The spat boiled over at the company’s AGM in Cambridge yesterday when a large tranche of protestors voted to reject its remuneration report where by ex-easyJet finance chief, Chris Kennedy, was promised increased pay and bonuses of £1.9m in cash and restricted stock compensation, The Times reports.

Kennedy is set to receive a one-off cash payment of £950,000 in January 2016 and restricted stock up to the same amount, on top of his £475,000 salary.

ARM shares fell 11p to £11.14 in Friday’s trading.

Tim Score, its previous CFO, served in the role for 12 years, having last year announced his retirement.

Score was interviewed by Financial Director prior to his retirement announcement.

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