I think the package is too much. How can a bonus be more than the actual salary? And especially in light of what was asked of the staff over the last 18 months this is a slap in their face.
I was aware that he had generous share options but I thought they had set targets and wouldn't mature until 2012.
However I do agee with Papa2Charlie: EI need Mueller, they need him to stay for the next 2-3 years at least. While they have been turned around they need a firm hand to grow their strategy. As he says there is no clear succession in place. The mgmt team in EI are still the same as they have been for many years. They need to clean out this area and allow an influx of new blood to get fresh minds, talents and ideas.
Look at the last 10 years with EI; pre 9/11 they were coasting along in the pre-FR expansion, semi-state happy place. 9/11 and monstrous FR growth changed stopped that daydream. WW had his 2-3 years where he did well until he fecked off, rudderless again until Mannion, who tried to emulate FR not realising you could never win that fight. He set EI on a course into the rocks which Mueller averted. (Granted any good CEO could have cut costs to turn EI around) But Mueller seems to have a plan for EI over the next 3-5 years.
EI need to reinvent/refresh their market focus. Simply cutting costs is only ever fire-fighting, its a short term solution. With Mueller they may well grow the business and be able to survive the next downturn without another 'survival plan'.
My only fear would be the effect this package would have on an already disgruntled staff base. As with the nation sacrifices must be made by all including those tellings us about cuts. What has not been mentioned is that other EI mgmt also got bonuses, those figures will leak out soon enough.