Thomas Cook chief picks up Ã&#pound;5m bonus

Thomas Cook group chief executive Manny Fontenla-Novoa received a £5 million bonus last year.

 

This was in addition to his salary rising from £630,000 a year to £850,000.

 

The rise in base salary was in recognition of operational and strategic achievements and financial performance, including industry leading margins; strategic development, acquisitions in India, Egypt, France and Canada; major reorganiaition of the group and organising a group-wide "flexible action plan" to address the uncertinaties and challenges that may arise for the developing economic climate, according to the group's annual report.

 

The £5 million bonus was awarded for "exceeding all expectations" in meeting synergy targets following the merger with MyTravel in 2007.

 

The company’s annual report for 2008 also showed that the groups’ chief financial officer received a bonus of £1.275 million.

 

The bonuses reflect "the exceptional performance and personal effort of the senior executives involved".

 

Both the chief executive officer and chief financial officer intend to make a significant investment in Thomas Cook shares early this year, the report added.

 

by Phil Davies