Profit plunge and 10,000 job losses fail to dent executives' pay

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


Chip Hornsby
Hornsby's pay packet rose to 拢1.2m this year

Chip Hornsby, chief executive at the materials firm, took home a total of 拢1.2m in the year to 31 July 2008, up 14% on last year's 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 over the period.

Earlier in the year, the company announced 7,700 job losses across the group, followed by a further 3,000 this week.

Housebuilder Redrow recently came under fire from observers for paying out bonuses despite making redundancies.

One analyst said: 鈥淭hey forget there is always the option to waive the bonuses. It seems they don't realise how this looks to the outside.鈥�

Rob Marchbank, managing director of Wolseley UK, took home a total of 拢900,000 - which was 拢40,000 more than last year and included 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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