Pureplay fashion retailer Asos has announced changes to its executive pay plan to align with its “ambitious growth plans”.
Asos said more than 90% of its shareholders voted in favour of replacing its long-term incentive scheme with a value creation plan (VCP) at its extraordinary general meeting yesterday.
The retailer said the VCP will “incentivise its senior leaders to deliver exceptional value for shareholders through substantial growth in the company’s share price”.
The new remuneration scheme “will only deliver value to recipients to the extent the share price exceeds £6.70”.
Asos, which at the time of writing was trading at 365p-a-share, said the changes demonstrate “the ambition which the plan seeks to incentivise and reward”.
This comes after the fashion retailer saw sales decline 18% in the 26 weeks to March 3, 2024, while adjusted group revenue fell year-on-year from £1.83bn to £1.5bn.
Asos posted a slight improvement in loss before tax, as this half-year trading period saw a £270m loss, up from £290m from the same period last year.
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