Tullett chief gets £7.5m despite profit fall

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The Independent Online

Terry Smith picked up £7.5m in pay, bonuses and dividends last year as the chief executive of the broking giant Tullett Prebon. That was despite a 9 per cent fall in pre-tax profits to £136m.

Mr Smith's basic pay has been unchanged at £650,000 since 2005. His bonus in 2011 fell from £3.7m to £3.38m, half of which he received in cash and half in shares that he must hold on to for at least three years. He also received free shares currently worth £1.85m under the firm's long-term incentive plan.

How much of this he will be given depends on the broker's performance over the next three years.

As the largest individual shareholder, Mr Smith picked up dividends totalling £1.6m for 2012.