Profit plunge and 10,000 job losses fail to dent executives' pay
Wolseley bosses awarded themselves a total of 拢873,000 in bonuses this year, despite announcing more than 10,000 job losses.
Chip Hornsby, chief executive at the materials firm, took home a total of 拢1.2m in the year to 31 July 2008, up 14% on last year's 拢1.1m.
Within that figure was a performance bonus of 拢377,000, despite a fall in pre-tax profit from 拢634m to 拢145m over the period.
Earlier in the year, the company announced 7,700 job losses across the group, followed by a further 3,000 this week.
Housebuilder Redrow recently came under fire from observers for paying out bonuses despite making redundancies.
One analyst said: 鈥淭hey forget there is always the option to waive the bonuses. It seems they don't realise how this looks to the outside.鈥�
Rob Marchbank, managing director of Wolseley UK, took home a total of 拢900,000 - which was 拢40,000 more than last year and included a bonus of 拢154,000.
Despite the redundancies and profit slump, overall executive pay was up 5% from 拢4.1m to 拢4.4m.
16 Readers' comments