Evangelos Mytilineos Waives Salary for Five Years, Ties Compensation to Shareholder Returns

In a highly unusual move by European corporate standards, Evangelos Mytilineos, Chairman and CEO of the Greek industrial and energy group Metlen, announced that he will forgo all forms of salary and bonus

Speaking during the company’s Annual General Meeting, Mytilineos revealed that he is adopting a fully equity-based compensation model, one that aligns his personal earnings exclusively with the performance of the company and the returns it delivers to shareholders.

“I thought it was right to leave the executive seat and sit next to the shareholders—to earn only what they earn,” he stated, explaining his decision to abandon traditional compensation in favor of a long-term incentive plan based solely on shareholder value creation. Under the terms of the plan, which was approved by Metlen’s Remuneration and Nominations Committee, Mytilineos will be entitled to receive shares equivalent to 5% of any increase in the company’s market capitalization over a five-year period, provided a minimum compound annual growth rate (CAGR) of 2% is met.

The calculation of market capitalization growth will be based on a 60-day average taken during the third, fourth, and fifth anniversaries of the program’s grant date. Any reward will be issued in the form of shares or share rights, but these cannot be immediately sold—they must be held for an additional three years, effectively extending the payout horizon to between six and eight years.
Notably, there will be no cap on the potential value of the award.

The Remuneration Committee argued that placing a limit would undercut the plan’s central goal: the sustainable, long-term creation of shareholder value. The program also includes clawback and performance-based reduction clauses to ensure that compensation is only awarded if the company truly performs. Based on current assumptions, with annual growth of 2%, Mytilineos would earn less than he does today. Only if Metlen grows faster—above 3% annually—would his future earnings approach current levels.

“If the company underperforms or just does okay, and shareholders don’t benefit, then I’ll be working for free,” he said. “I can’t accept a high six- or seven-figure salary while running a multibillion-euro business and pretend I’m not accountable to shareholders. That chapter is closed. From now on, I’m with them.”

While Mytilineos is radically reshaping his own compensation, the company is making no changes to the remuneration of other board members. Their pay remains as defined by the remuneration policy adopted in April 2023, a framework developed in partnership with international consultancy Korn Ferry. Reviewed every four years, the policy draws on global best practices and benchmark data from peer companies such as Spain’s Acciona, the U.S.-based Fluor and Alcoa, the UK’s Drax Group, and Portugal’s EDP.

Beyond compensation, Metlen’s upcoming dual listing on the London Stock Exchange was another major topic at the AGM. Mytilineos was optimistic that the move would elevate the company’s international profile and attract new institutional capital. “The London listing has already improved how we operate and enhanced Metlen’s reputation—we’re already seeing the benefits,” he said.

He added that Metlen aims to qualify for inclusion in the FTSE 100 index, a step that could open the door to passive investment flows. While passive funds represent only about 7% of Greece’s FTSE 25, they hold a 23% share in the FTSE 100—suggesting far greater potential for capital inflows. Still, Mytilineos stressed that Metlen’s headquarters will remain in Greece and that its shares will continue trading on both the Athens and London stock exchanges, in euros.

The meeting also offered a moment of personal reflection. When asked if the company would consider splitting its stock—currently trading at €44.02—Mytilineos was blunt: “We’re not doing a stock split. I did it once, and I regretted it.”

He was referring to the 2007 split of what was then Mytilineos Holdings, when the stock was trading at €2.55. The move, which cut the nominal share value to €1.07 and issued 24 new shares for every 10 old ones, briefly boosted liquidity but failed to generate lasting value. Today, he believes that a higher share price lends the stock a sense of scarcity and prestige—part of a more disciplined, long-term strategic view that prioritizes real value over cosmetic moves.

Meanwhile, speculation continues over the mechanics of the share swap tied to the LSE listing. It remains unclear whether shareholders will be required to exchange their Greek-listed shares for the new structure, or whether the process will be voluntary.

A mandatory swap would signal an intent to consolidate under a unified legal entity, while a voluntary approach would preserve flexibility for investors, particularly smaller shareholders or institutional funds with regulatory constraints. Such an approach would preserve their voting rights, participation in local general meetings, and other shareholder privileges.