Neil Bright's pay packet pegged back, as remuneration committee rejects bonus following another 'difficult' period for the group
Neil Bright has lost out on his annual bonus for the second year running.
In a difficult year which HMV Group’s chairman Carl Symon said that the
company had ‘performed below its expectations’, Bright received a slight pay
rise to £358,000 compared with £323,000 in 2006.
The information was disclosed in HMV’s
report which showed that the entire board would be going without bonuses in
HMV group said: ‘The remuneration committee has carried out the assessment of
whether these performance targets have been met by reference to the audited
accounts for the 52 weeks to 28 April 2007. No annual bonus will be awarded to
the executive directors for the financial year under review.’
The last time Bright received a bonus was in 2005 when he was given £108,000
on top of his base salary of £293,000.
During the last four years, Bright’s total pay packet has dwindled from
£521,000 in 2003/2004 to its present level as the company, which comprises of
HMV and Waterstones, has struggled.
Ironically, Bright’s contract allows for the FD to take any accrued bonus
with him if his contract is terminated early.
HMV said: ‘Each service agreement provides for a payment in lieu of notice on
termination to the executive director, which shall consist of base salary and
the cash equivalent of all other benefits. In the case of Mr Bright this would
also include accrued bonus to date, if any.’