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Tuesday newspaper round-up: Barclays, Theresa May, Walt Disney

Tue 23 April 2019 07:17 | A A A

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(Sharecast News) - The activist investor Edward Bramson will this week ramp up his battle with the Barclays chief executive, Jes Staley, in his attempt to force the group to scale back its poorly performing investment banking division and install him on the board. Bramson, 68, who has been described as a corporate raider and compared to Mr Burns in The Simpsons, is expected to increase the pressure on Barclays if the bank's first-quarter results, published on Thursday, fail to impress. - The Guardian

Theresa May will be told by her own MPs to name the date of her departure or face being ousted in June after the Conservative Party's patience with her finally ran out. Sir Graham Brady, the chairman of the 1922 Committee of Tory backbenchers, will tell the Prime Minister that the party is preparing to change its rules to make it easier to throw out unpopular leaders if they refuse to go. - The Daily Telegraph

An heir to the Walt Disney fortune has described the $65.6m (£50.5m) paid to the company's chief executive, Bob Iger, as "insane". Abigail Disney, an Emmy award-winning film-maker and a granddaughter of the company's co-founder Roy Disney, said it was outrageous that Iger was paid 1,424 times more than the average pay for a Disney employee last year. Iger's 2018 pay package increased by 80% from $36.3m in 2017. He also collected $43.9m in 2016. - The Guardian

Barclays is clamping down on pay and bonuses for its casino bankers as it gears up for a confrontation with corporate raider Edward Bramson at its annual meeting next week. The bank is planning to scale back bonuses as part of an initiative to cut costs, according to a report in the Financial Times. Bramson, a US activist investor, has amassed a stake of more than 5 per cent in the High Street bank through his company Sherborne Investors. - The Daily Mail

Kraft Heinz boss Bernardo Hees is stepping down after years of cost-cutting and weak sales. The company, which is part-owned by billionaire Warren Buffett, has also aggressively pursued acquisitions, including a failed £115 billion bid for Unilever. Miguel Patricio, a veteran of drinks conglomerate AB InBev, will replace Hees as chief executive. - The Daily Mail

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