Cash and shares award linked to performance
Woolworths chief executive Trevor Bish-Jones has been handed an incentive package that could mean a bonus of up to 120 per cent of his salary and a share allotment of three times his salary.

However, the incentives are linked closely to performance and in order to recieve the full share, award, he must stay at the company until 2008.

The retailer said that both the cash bonus and the share package are dependent on Bish-Jones leading the retailer into significantly higher profitability than current market expectations.

Woolworths chairman Gerald Corbett said: 'Trevor Bish-Jones is a highly regarded retailer and a valuable asset to the business. We feel that it is crucial to retain him and other executives, who continue to lead the group, through challenging trading conditions.'

The retailer has also instigated a share investment plan for 52 directors and senior managers. Shares bought by these individuals will be matched one for one by the retailer over the period of the next three years, provided group profits are met. The maximum individual investment is£10,000.

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