Telewest FD gets bonus despite stock collapse
Charles Burdick, financial director at cable company Telewest, and three other company directors, have all received substantial bonuses despite the company's collapsing share price.
Burdick received a massive bonus of £283,000, taking his annual pay to £671,000, a 28% increase.
According to Financial Directors 2001 salary survey, the average pay for a FTSE 100 FD is £530,000, putting Burdick in the top pay bracket.
Chief executive Adam Singer, was paid a whopping £186,000 extra, taking his salary to £779,000, while chief operating officer Mark Luiz and strategy director Stephen Cook also received substantial increases, according to figures revealed in the company’s annual results.
This comes at a time when directors’ pay is coming in for heaving criticism, as shareholder groups feel they should not be rewarded for poor company results.
Telewest shares were last trading at 9.6 pence, down 4% on the day. In November they were valued at more than 80p.