Harriet Green denied annual bonus
Former Thomas Cook chief executive Harriet Green was denied a bonus last year after she failed to hit financial targets.
As a result, Green, who left the tour operator abruptly in November, saw her pay drop by 73% to £1,046 million.
She also accepted a drop in benefit payments, from £186,000 in 2013 to £153,000 last year after agreeing to share the cost of her hotel room at London’s Brown’s Hotel – where she stayed on weekdays – with the company.
She earned £687,000 in basic salary, compared with £680,000 in 2013, plus pension payments of £206,000, up from £204,000 in 2013.
In 2013, her pay was topped up with a £1,785 million bonus to £2,855 million. The maximum Green could have earned last year, if she had met her targets, was £3,450 million.
When Green left the company in November, just before it announced its 2014 results, she said her work at the company was complete. Thomas Cook’s earnings were up by £60 million year on year and the company’s net debt was down to £326 million from £421 million in 2013.
In a public statement released by Thomas Cook the Veuve Clicquot Businesswoman of the Year was quoted saying: "I always said that I would move on to another company with fresh challenges once my work was complete. That time is now.
"I wish all of the team at this re-energised company continued success, as they move to the next phase of the company’s development."
However, in the company’s accounts released this week, its remuneration committee said: "Despite achievements and significant progress against our strategic KPIs [key performance indicators], the [full year 2014] outcomes … were below the financial hurdle levels set at the beginning of the period. Consequently, the committee has determined that no payment will be made under the group bonus plan".
Chief financial officer Michael Healy saw his pay drop from £1,342 million to £655,000 last year.
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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