Syensqo CEO Receives Record-Breaking $28 Million Bonus in Belgium

After the split of Solvay into two separate listed structures (Solvay and Syensqo), validated at the end of 2023 during a General Meeting, Ilham Kadri, then CEO of Solvay, became CEO of Syensqo with a bonus of 12 million euros. The largest cash bonus ever awarded in Belgium, reports L’Echo.

Ilham Kadri was awarded this bonus, despite the opposition of a third of the shareholders. Her presence is "essential for the split of Solvay," said Nicolas Boël, then chairman of Solvay, to justify this exceptional compensation. In addition to these 12 million euros in bonus, Ilham Kadri received a retention bonus of 4.3 million euros and an "ordinary" variable compensation of 3.16 million euros, according to the 2024 annual reports of Syensqo and 2023 of Solvay.

Last Friday, Syensqo, as an independent company within the Bel 20 with its own listing, published its first annual report. The document reveals that the Moroccan-born executive received a variable compensation of 2.75 million euros, an "extraordinary item" of 3.5 million and a retention bonus. The CEO of Syensqo will receive an additional 3.5 and 4 million euros in 2025 and 2026 respectively, the report specifies.

In 2023, Ilham Kadri had received a fixed compensation of 1.31 million euros at Solvay (until December 8). Last year, her compensation was 1.5 million euros at Syensqo. "This retention plan and the related payments are made in accordance with the discretionary powers granted to the Board of Directors contained in the Remuneration Policy," Syensqo explains in its report.

The document points out that "this measure is also in line with common practice and has been implemented taking into account the specific context in which Syensqo has embarked on an autonomous path, the challenges it faces for the future, and to ensure that attention can be maintained, as well as to ensure the continuity of Syensqo’s business".

In total, Ilham Kadri will have obtained a bonus of 25.7 million euros in 2023 and 2024. An amount that could reach 33.2 million euros with the retention bonuses of 2025 and 2026. Syensqo’s shareholders may not look favorably on the award of these large bonuses to the CEO, as the company is struggling to shine on the stock market. Its share price is a third lower than its initial level.