Wickes directors double their money
Thursday 19 March 1998
Bill Grimsey, who was promoted to chief executive in 1996 after the company discovered a back hole in its accounts, received a bonus of pounds 248,000. This took his total remuneration last year to pounds 511,000. Bill Hoskins, finance director, received a pounds 200,000 bonus, taking his total pay to pounds 449,000.
The company said the bonuses were performance-related, although no method of calculation was detailed in the accounts.
A spokesman for Wickes said the bonuses were justified given the recovery of the company which was close to collapse after the pounds 50m black hole was discovered and Henry Sweetbaum departed as chief executive.
"The salary packages at Wickes are heavily performance-related and the directors' success in achieving profits that few thought possible at the beginning of 1997 are reflected in the bonuses for that year. If they don't succeed they get no bonus. Over the last year or so shareholders have seen the shares rise in value from around 130p to approaching 300p." They closed up 3p yesterday at 297.5p.
The accounts, published yesterday, also showed Mr Grimsey was granted almost 400,000 share options at 175.5p. These are not exercisable for two years but are already worth pounds 480,000.
- 1 Rice Bucket Challenge: India's take on the Ice Bucket Challenge 'for Indian needs'
- 2 Pamela Anderson rejects ice bucket challenge because of ALS experiments on animals: 'Mice had holes drilled into their skulls'
- 3 ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
- 4 Rubble Bucket Challenge: Ice Bucket Challenge adapted in solidarity with Gazans whose homes have been destroyed in conflict
- 5 Teenager dies after suspected ice bucket challenge goes horribly wrong
Pamela Anderson rejects ice bucket challenge because of ALS experiments on animals: 'Mice had holes drilled into their skulls'
Matt Damon uses toilet water in ice bucket challenge to stress sanitation issues in developing world
ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
Rubble Bucket Challenge: Ice Bucket Challenge adapted in solidarity with Gazans whose homes have been destroyed in conflict
Car tax disc changes: Make sure you know the new rules from 1 October or risk £1,000 fine
Exclusive: We share blame for creating 'jihad generation', says Muslim strategist
Robin Williams Emmys tribute led by Billy Crystal criticised for including 'racist' joke about Muslim woman
The Rotherham child abuse scandal is a tale of apologists, misogyny and double standards
Scottish independence TV debate: Pumped-up Alex Salmond bounces back in bruising second round against Alistair Darling
Jeremy Clarkson is a cultural tumour and needs to be removed, says comedian Frankie Boyle
Air strikes? Talk of God? Barack Obama is following the jihadists’ script after James Foley beheading
- < Previous
- Next >
iJobs Money & Business
£23000 - £26000 per annum: Ashdown Group: Account Executive / Client Services ...
£36000 - £38000 per annum: Ashdown Group: Executive PA to CEO & Executive Dire...
£25000 - £28000 per annum: Ashdown Group: Generalist HR Administrator - Tunbri...
£30-35k + Excellent Benefits: Guru Careers: We are seeking a Management Accoun...