Former army helicopter pilot Peter Dilnot has taken the top spot in the FTSE 100’s executive pay league, earning £45 million last year and overtaking AstraZeneca’s Pascal Soriot in Business Matters’ annual Fat Cat Files survey.
Dilnot, 55, who runs aerospace engineer Melrose, shared in one of the largest boardroom payouts in UK corporate history after he and three other executives received a combined £208 million through a long-term share scheme agreed five years ago. The plan was triggered after the group hit performance targets, awarding Dilnot a one-off £43 million bonus alongside his salary and other benefits.
The huge awards mean Melrose has replaced Tesco as the FTSE 100 company with the largest pay gap between its chief executive and an average employee. Dilnot and predecessor Simon Peckham – who stood down in March 2024 with a £58 million payout – were each paid 1,112 times more than the £53,000 earned by the typical Melrose worker.
The two other executives in the scheme, Christopher Miller and Geoffrey Martin, took home £50 million and £57 million respectively.
Melrose, which owns the GKN aerospace business, has more than doubled its market value to £7.5 billion since the bonus plan was set, boosted by the 2018 acquisition of GKN and the demerger of its automotive arm into Dowlais.
Dilnot’s rise to the top ends Pascal Soriot’s reign as the UK’s highest-paid blue chip CEO. The AstraZeneca boss saw his pay fall from £16.9 million to £14.7 million last year after the company’s stock rally slowed following its Covid vaccine success.
Soriot now sits third, behind Pearson chief Omar Abbosh, who earned £16.3 million in 2024 – largely due to a buyout from his Microsoft contract.
Not all FTSE bosses saw increases: Rolls-Royce chief Tufan Erginbilgic’s total pay fell to £4.1 million from £13.6 million, reflecting the absence of a one-off £7.5 million award he received on joining from BP.
Emma Walmsley remains the highest-paid female CEO in the FTSE 100, earning £10.6 million at GlaxoSmithKline, down from £12.7 million. However, her 2025 package could reach £22 million under a new US-style remuneration scheme.
Melrose’s bonus scheme provoked one of the largest shareholder revolts in recent years, echoing the uproar over the £75 million Persimmon payout to Jeff Fairburn in 2018. That rebellion was advisory rather than binding but highlighted ongoing tensions over London-listed executive pay levels.
Some City figures argue UK pay is too low to compete globally. AstraZeneca, valued at £175 billion, is among several blue chips exploring a move to New York, where executive pay packages tend to be significantly higher.
