The bosses of Logica, the IT giant which made 1300 people redundant last year, turned down bonuses totalling just over £1m, according to the company's annual report published yesterday.
The chief executive Andy Green and Seamus Keating, the former head of Benelux operations who quit the board last week, asked to forgo their long-term bonuses "given the impact of the restructuring announcement on people and shareholders".
Mr Green was due to receive £675,000 and Mr Keating £337,500. Neither man qualified for an annual bonus because operating profits plunged from £272m to £114 m in 2011. In 2010 they received just over 70 per cent of their base salaries as annual bonuses.
This meant that Mr Green's total pay package dropped from £1.2m to £767,000 and Mr Keating's from £735,000 to £471,000.
Mr Green also received a £221,000 cash payment towards his pension plan. His base salary has been frozen at £750,000 for the current year. Logica's shares have fallen by 30 per cent in the past year.Reuse content