Whitbread chief's pay lifted 14% to 471,000 pounds

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THE PAY of Peter Jarvis, Whitbread chief executive, rose 14.3 per cent to pounds 471,000 last year.

His salary increased 6.7 per cent to pounds 368,000, which was topped up by a performance-related bonus of pounds 103,000 against pounds 67,000 in the previous year.

Whitbread, the brewing and pub and food retailing company which lifted taxable profits from pounds 177m to pounds 234m last year, also contributed pounds 33,000 to his pension, up from pounds 2,500 the year before.

Mr Jarvis was granted options over 141,000 shares at a striking price of 498.8p. Whitbread's shares fell 10 to 499p yesterday.

The company defended the increase in Mr Jarvis's pay. 'Executive directors' pay is decided by a remuneration committee, comprising the chairman and three other non-executives. Mr Jarvis's increase in remuneration was mainly due to performance-related incentives, based on profits and cash flow,' a spokesman said.

Sir Michael Angus, who is chairman of Whitbread and the remuneration committee, was paid pounds 154,000. He took over from Sam Whitbread in August 1992 and was paid pounds 88,000 for his first six months in office but has received no performance-related bonus from Whitbread. He is also a director of British Airways, National Westminster Bank and Boots.

Staff numbers at Whitbread last year fell 3.3 per cent to 62,389. Full-time employees dipped from 33,777 to 31,909, and part-timers from 30,716 to 30,480.

Whitbread maintained its annual donation to the Conservative Party at pounds 30,000.

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