Board salaries frozen at owner of Superdry
Tuesday 23 August 2011
The salaries of board members at Supergroup have been frozen for this financial year, despite the owner of the Superdry brand posting a huge jump in profits.
Julian Dunkerton, the group's chief executive, took home total pay of £418,745, including a £400,000 salary and £18,745 for benefits, including a company car and medical insurance, in the year to 1 May, according to its annual report. None of Supergroup's directors was eligible for a bonus in its first financial year since it floated in March 2010.
The company did not offer a reason for it freezing the salary of board members. But its senior executives can participate in its long-term performance share plan (PSP), based on earnings per share targets and total shareholder returns relative to selected retailers. The clothing group's PSP is currently restricted to senior executives, although the participation of executive directors, including Mr Dunkerton, will be reviewed on an ongoing basis.
But Supergroup's remuneration committee said that as a result of executive directors' shareholdings and their commitments to retain shares it believes they are "sufficiently incentivised to mitigate the need to offer annual or long-term incentive arrangements at this point".
Indeed, these potential payouts to board members pale in comparison to the £80m that Mr Dunkerton – who still has a 32.5 per cent stake in the company – pocketed when Supergroup floated at 500p. Shares in the group – which have had been on a rollercoaster ride since then – closed down 4.5p at 945.5p yesterday.
Diane Savory, the group's chief operating officer who quit in May, will receive a pay off of £112,500 in six equal monthly instalments.
For the year to 1 May, Supergroup, which also operates the Cult clothing brand, grew pre-tax profits by 89 per cent to £50.2m, on revenues up by 71 per cent to £238m.
- 4 Iranian blogger found guilty of insulting Prophet Mohammad on Facebook sentenced to death
- 5 New Tricks: Dennis Waterman to leave the show after a decade of crime-solving
Stamford Hill council removes 'unacceptable' posters telling women which side of the road to walk down
Kim Kardashian 'nude pictures' leaked on 4chan weeks after Jennifer Lawrence 'The Fappening' scandal
Iranian blogger found guilty of insulting Prophet Mohammad on Facebook sentenced to death
Ice Bucket Challenge: US firefighter Tony Grider dies after participating in charity craze near power lines
Hitler’s former food taster reveals the horrors of the Wolf’s Lair
Scottish independence referendum: A nation divided against itself
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Russia freezes Ukraine into submission: Kiev admits country doesn't have enough fuel for winter
Plebgate MP Andrew Mitchell called officer a 'little s**t', claim court documents 'exposing ex-Chief Whip's 'record of abusing police'
Archbishop of Canterbury admits doubts about existence of God
iJobs Money & Business
£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...
Up to £100k or £450p/d: Saxton Leigh: My client is a leading commodities tradi...
£320 - £330 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
To £75,000 + Pension + Benefits + Bonus: Saxton Leigh: My client is looking f...