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Watson Wyatt European chiefs earn more than CEO

EUROPE – Senior figures at Watson Wyatt in Europe such as Roger Urwin and Paul Thornton earn more in combined salary and bonus than the firm’s chief executive John Haley, it has emerged.

Haley, who is president, CEO and chairman, earned a salary of $710,606 (€589,759) in 2004 and a bonus of $464,105 – taking his combined pay before options to $1.17m, according to a filing at the Securities and Exchange Commission.

The filing was prepared ahead of the merger between the US and European arms of the firm. Washington-based Watson Wyatt & Co. and Reigate-based Watson Wyatt LLP signed an agreement to combine in April.

European senior partner Thornton’s base salary of $192,984 and $1.64m bonus took his pay in 2004 to around $1.83m. Investment consulting head Roger Urwin’s package was about the same.

And European regional head Ramamurthy – who is set to join the board of the merged entity – made a base salary of $192,984 and a bonus of $1.14m.

Watson Wyatt Holdings is holding a special shareholders meeting on July 22 in Bethesda, Maryland, to approve the merger plan and Ramamurthy’s appointment to the board.

Yesterday it emerged that Elizabeth Wass, head of the benefits team at Watson Wyatt’s Stockholm office, has left the firm.

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