Allders chiefs defend pounds 1m bonus
Thursday 06 February 1997
Under terms circulated to shareholders in June, Allders' chief executive, Harvey Lipsith, was paid a bonus of pounds 500,000, taking his total pay to pounds 736,000 last year. Tony Collyer, the former finance director who has since left the company, received a pounds 375,000 bonus, taking his total remuneration to pounds 552,000.
The three non-executive directors, including chairman John Pattisson, received bonuses of 50 per cent to 100 per cent of salary for the additional time devoted to the sale of the duty-free shops.
Allders International was sold last summer to SwissAir after a long bid battle with BAA.
Mr Pattisson defended the scheme at Allders' annual meeting yesterday: "We felt the best way to maximise the proceeds was to introduce an incentive scheme. I am convinced it was in the best interests of shareholders."
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