Harriet Green to get only minimum payout
Former Thomas Cook chief executive Harriet Green has been awarded 4.1 million shares, almost 3 million fewer than she could have received had she met all of the targets set by the tour operator.
A company spokesman said Green had received the minimum amount set by the company, based on meeting a combination of targets.
She said that Green had not received the maximum payout of 7 million shares, worth around £10 million, as the company had not hit the targets set for EBIT or cash reserves.
However, the share price during her two and a half years at the helm rose from 16.25p to 136p, earning her the minimum payout, worth almost £6 million.
Earlier this year, Green announced she would donate a third of her share award to charities chosen by the parents of youngsters Christi and Bobby Shepherd, who died from carbon monoxide poisoning on a Thomas Cook holiday to Corfu in 2006.
Green had been criticised by the children’s mother, Sharon Wood, for failing to make contact during her time in charge at Thomas Cook when investigations into the tragedy were still ongoing. The operator was also accused of trying to delay the inquests into the children’s deaths while she was in charge.
After the news of her announcement was confirmed, Green said: "Today’s award… is in recognition of the work we did together as a team to save the company and put it on a firm foundation for the future, saving the jobs of over 25,000 people, adding £2bn of shareholder value to the business and raising standards for customers.
"I am particularly pleased to be able to honour my commitment to give a third of my bonus to charitable causes and am grateful for the support of the parents of Christi and Bobby Shepherd in agreeing these causes."
Thomas Cook said it was ‘positive’ about Green’s commitment to donate some of her share award to charities, including a ‘substantial’ donation to a carbon monoxide charity to support the work of a recently launched joint initiative with Thomas Cook to fund research into protection from the deadly fumes, limit the risks associated with it and raise general awareness of the related dangers.
"The parents of Christi and Bobby Shepherd expressed their satisfaction with this outcome," it said in a statement.
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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