Betterware chief takes a pay cut

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The Independent Online
ANDREW COHEN, chief executive of the direct sales company Betterware, has taken a 46 per cent cut in pay.

Mr Cohen's salary is performance-related and dependent on the company's share price and earnings per share record. Betterware shares fell 35 per cent in its latest financial year.

Earnings per share grew by 12 per cent but the advance was modest compared with the 71 per cent achieved in 1993 and 75 per cent growth in 1992.

Mr Cohen was paid a total of pounds 190,000 in the year to 26 February, down from pounds 354,000.

In June last year Mr Cohen and his family interests reduced their shareholding, a move which sapped market confidence. He realised pounds 31m but the share price has nearly halved since.

Even after the share price collapse the value of Mr Cohen's holding is pounds 60m. He paid receivers pounds 250,000 for the original Betterware company in 1983.

Between flotation in 1986 and the share price peak a year ago Betterware shares outperformed the market average by 1,800 per cent. The current price represents an 800 per cent outperformance.

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