Execs rewarded as staff face cuts
Matalan's top three executives' pay increased by up to 80 per cent last year. The retailer published pay details in which executive chairman John Hargreaves, chief executive John King and finance director Phil Dutton were paid£583,000,£716,000 and£675,000 respectively in the past financial year. The details were published in the retailer's annual report and accounts, delivered to Company's House yesterday.
The directors' basic salaries rose between 20 and 22 per cent. The retailer said the increases reflected a change in its bonus structure, reducing the maximum payout in any year from 15 times salary to 100 per cent of salary.
The details came as Matalan confirmed that it is considering staff cuts that could potentially affect hundreds of the retailer's 16,000-plus staff.
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