By Heather McLean, 2 January 2002 15:30
NEWS Semiconductor firm Arc International has handed its new chief executive Michael Gulett a UK record-breaking 10 million share options. However, investors are not happy with the deal as conditions do not stipulate specific performance targets for Gulett. The shares have been given a market price of 45.5p each. Arc was hit hard in the chip downturn last year, destroying industry hopes that it would eventually be a major rival of ARM. Arc floated in September 2000 and its share price peaked at 210p, last year it sank as low as 26p. Gulett can exercise the share options between 2003 and 2011.
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