Wolseley bosses awarded themselves 拢873,000 in bonuses this year, despite announcing more than 10,000 job losses.

Chip Hornsby, chief executive of the materials group, took home a total of 拢1.2m in the year to 31 July 2008, up 14% on last year鈥檚 拢1.1m. Within that figure was a performance bonus of 拢377,000, despite a fall in pre-tax profit from 拢634m to 拢145m for the company over the period.

Rob Marchbank, the managing director of Wolseley UK, took home a total of 拢900,000 鈥� 拢40,000 more than last year and including a bonus of 拢154,000.

Despite the redundancies and profit slump, overall executive pay was up 5% from 拢4.1m to 拢4.4m.

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