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Ferguson Paid Its CEO $1.3 Million More Than Originally Disclosed

Distributor waits until after markets closed on a Friday to reveal years of botched executive compensation disclosures.

January 12, 2024

Four months after initially disclosing executive compensation in its latest Proxy statement Ferguson plc (FERG), a plumbing and heating products distributor, acknowledged it had significantly understated what it paid CEO Kevin Murphy in fiscal year 2023.

The admission was made on a Friday evening after the market closed on a holiday weekend.

Instead of $7.74 million, Murphy was paid $9.06 million in FY23.

Though Murphy’s pay was understated by 17%, Ferguson characterized the accuracy as immaterial and will not correct the previously filed FY23 Proxy.

The company also botched Murphy’s compensation in FY22 and FY21, including understating Murphy’s pay by more than $143,000 in FY21.

The compensation table also contained errors related to average pay for other executives, including:

—Average non-CEO pay was overstated by more than $54,000, or 1.8% in FY23
—Average non-CEO pay was understated by more than $8,000, or 0.3% in FY22
—Average non-CEO pay was understated by $3.85 million, or 1,113.8% in FY21

The after hours disclosure also contained other new compensation tables and charts.

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