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.
Justin Bieber was one of the hardest hit
- 1 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
Weather bomb in pictures: Storms cuts power for tens of thousands – and snow is on the way
Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
Russell Brand was rendered speechless on Question Time by this man
Fury at Airbus after it hints the super-jumbo may be mothballed
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Shock poll shows voters believe Ukip is to the left of the Tories
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Ukip candidate jokes about 'shooting peasants' in racist and homophobic rant
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
iJobs Money & Business
Up to £70,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...
Up to £65,000 per annum + benefits: Sheridan Maine: Are you a qualified accoun...
£32000 - £35000 per annum + benefits: Ashdown Group: Marketing Services Manage...
£Neg. (DOE) + Excellent Benefits: Guru Careers: A Finance Account Manager with...