Better Collective execs see combined pay jump 37% in 2023

Better Collective’s executive management team saw their combined remuneration jump by 37% in 2023, according to the affiliate giant’s annual report.

CEO Jesper Søgaard, chief financial officer (CFO) Flemming Pedersen and chief operating officer (COO) Christian Kirk Rasmussen all saw their total pay packets leap after another strong year for the group.

Søgaard’s remuneration increased 34% in 2023 from €551,000 to €739,000, with the Dane’s base salary jumping from €311,000 in 2022 to €406,000 the following year.

However, the CEO did see his bonus decrease from €186,000 to €110,000, but this was softened by an increase in pension contributions to €45,000.

COO Rasmussen had identical rises in his total remuneration and base salary as his co-founder Søgaard.

Pedersen’s total remuneration increased the most out of the trio, rising 41% from €641,000 in 2022 to €907,000 in 2023, combined with an increase in base salary from €398,000 to €493,000, respectively.

The management team also all received significant increases in their warrants as part of Better Collective’s long-term incentive programme, which played a significant role in the increase in total remuneration.

The individual increases resulted in the team’s total pay increasing from €1.7m in 2022 to €2.4m in 2023, meaning the triumvirate’s total packet has leapt by more than €1m since 2019.

Elsewhere, the Danish firm’s board of director’s total pay increased from €317,000 in to €480,000 over the period.

This figure was inflated due to the additions of René Efraim Rechtman and Britt Boeskov to the board in 2023 as they did not receive any remuneration the year previously.

Chair Jens Bager’s total pay rose from €104,000 to €149,000 while vice-chair Therese Hillman’s remuneration increased from €60,000 to €97,000.

Elsewhere, EGR recently spoke with Søgaard on the history and future of Better Collective to coincide with the firm’s 20^th anniversary this week.