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Compass chiefs take pay cut

06 January 2005 by
Compass chiefs take pay cut

Compass chief executive Mike Bailey and chairman Sir Francis Mackay both turned down performance-related bonuses this year, after the catering giant issued a shock profits warning in September.

According to figures published in the company's annual report, Mackay's remuneration for the year came in at £546,000, consisting of £500,000 basic salary and £46,000 of benefits, considerably down on the £1.3m pocketed the year before.

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Bailey: salary down to £1m
Bailey took home a total of £1.04m, down from £2.6m in 2003, with £930,000 of this being his basic salary and £114,000 benefits. Executive directors can earn up to 150% of their basic salary in bonuses and the chief executive 250%. But to get the bonuses they have to meet four targets. According to Compass, while they both hit one of their four targets, and so technically were entitled to bonuses of 25%, they decided in the circumstances that such a move was not appropriate. Other executives did receive performance substantial bonus payments, however. Alain Dupuis, head of the Asian and Australasian operations, received £623,000, bringing his total pay to £1.1m. Human resources director Clive Grundy was paid a £95,000 bonus, taking his remuneration to £564,000, while former finance director Andrew Lynch received a £114,000 bonus, boosting his pay to £678,000. New finance director Andrew Martin got a £49,000 bonus. by Nic Paton Buy this week's *Caterer* magazine for more industry news and analysis
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