Fast-fashion giant Boohoo handed its chief executive a bonus of more than £650,000 despite racking up losses of over £90m. According to the annual report of the Manchester-headquartered group, whose brands include PrettyLittleThing and Nasty Gal, John Lyttle took home a £1.35m pay packet in the year to February.
It was made up of his £651,000 salary, and an annual bonus also amounting to £651,000, or 100% of his base wage. READ MORE: Join the FREE Manchester Evening News WhatsApp community Boohoo’s largest shareholder Mahmud Kamani, who co-founded the firm in 2006 and is estimated to be worth around £675m, also enjoyed an annual bonus worth 100% of his salary.
He took home £1m last year. In March, shareholders narrowly approved a new bumper incentive deal which could see Mr Lyttle earn a £50m bonus over the next five years provided he led a significant turnaround in Boohoo’s share price.
Boohoo said the share price targets were "realistic" but "very stretching", and "provide a real incentive for management to return Boohoo to growth and value creation".Read more on manchestereveningnews.co.uk
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