Directors at Asos share windfall of £50m
Five directors at Asos, the online fashion retailer, have shared a windfall of nearly £50m after they cashed in shares under long-term incentive plans.
The sell-off sent shares in Asos tumbling for the second day running, despite it unveiling a surge in annual profits yesterday.
Nick Robertson, the retailer’s chief executive and co-founder, has received £16m after he sold nearly 750,000 shares at 2,150p. Under the plan that took effect from April 2009, Robertson and six other directors invested about £200,000 each of their money in the scheme. Lord Alli, who will be replaced as chairman by Brian McBride next month, has sold slightly more shares to bag a cool £16.8m.
Following this year’s shareholder spring, the huge payout will reignite the debate over executive pay, although Asos’s shares and profits have enjoyed an almost uninterrupted upward trajectory since it listed in 2001.
While shares in Asos tumbled by 111p to 2,215p yesterday after a 6.7 per cent fall on Thursday, they are still up by more than 75 per cent this year. A spokesman said: “This is a reward for super outperformance and value creation.”
The finance director Nicholas Beighton has sold shares worth £7.9m, international director Jonathan Kamaluddin has pocketed £6.6m and e-commerce chief James Hart has bagged £1m. Asos grew profits by 40 per cent to £44.5m over the year to 31 August.
- 4 Frankie Boyle on Scottish independence: 'In the Interests of Unity, F**k Off'
- 5 Florida couple forced to register as sex offenders for having sex on public beach
Boston Marathon runner's search for mystery man she kissed ends with letter from his wife
Italian police 'reveal' what Jesus looked like as a young boy
Florida couple forced to register as sex offenders for having sex on public beach
Mysterious 'X-Files' sounds heard miles above the Earth
Met Gala 2015: Beyoncé manages to out-skimp Rihanna, Miley and Kim Kardashian with near-naked ensemble
In defence of liberal democracy
General Election 2015: Post-election 'shambles' looms as 70 per cent of voters say SNP 'should not be able to veto UK government policies'
The Rothschild Libel: Why has it taken 200 years for an anti-Semitic slur that emerged from the Battle of Waterloo to be dismissed?
General Election 2015: UK will be 'run for the wealthy and powerful' if Tories retain power, Labour warns
General election live: SNP suspends two members for disrupting Labour rally
Schools forced to act as 'miniature welfare states' with teachers buying underwear and even haircuts for poor pupils
iJobs Money & Business
£60000 - £70000 per annum + benefits : Ashdown Group: A highly successful, glo...
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...
£27 - 35k + Bonus + Benefits: Guru Careers: A Management Accountant is needed ...
£40-50k + Benefits.: Guru Careers: A Project Manager / Business Analyst is nee...